Credit Review - Suspects arrested for loansharking activities

Loansharking activities, suspects arrested

Credit Review - Suspects arrested for loansharking activities
Credit Review – Suspects arrested for loansharking activities

The police have arrested 27 people, aged between 24 and 66, for their suspected involvement in loansharking activities. During the three day operation, officers conducted raids at multiple locations in Singapore.

During initial investigations the four suspects are believed to be runners. They have assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers, said the SPF. Furthermore, one of the suspect carried out harassment by sending notes to a unit at Teck Whye Lane.

The police also arrested one suspect who provided fake contact information when getting loans from loansharks. The remaining 11 suspects opened bank accounts and gave away their ATM cards. In addition, their Personal Identification Numbers (PIN) are provided to loansharks to facilitate their unlicensed moneylending business.

Items such as mobile phones, ATM cards, bank transaction slips and cash are seized during the operation.

The suspects are involve in various roles during initial investigations. This includes ‘runners’ who had performed ATM transactions for the syndicate.

Members of public are warned to stay away from loansharks. In addition, they are also urged not to work with or help loansharks in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800 924 5664 if they suspect or know anyone who is involved in loansharking activities.


Article source: Channel News Asia. Read more here.
DO NOT borrow from loan sharks as it can spiral out of control. If you need cash, approach a bank or licensed moneylender. You can look through moneylender directory and moneylender review on money lenders in Singapore and find one that you think may be suitable for your needs.

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