Police have arrested a 29-year-old man this afternoon for suspected involvement in loansharking activities.

On 8 March 2010 at about 3.30 pm, through follow-up investigations, officers from Ang Mo Kio Police Division arrested the suspect at Hougang Avenue 8. Several ATM cards were also found in his possession and seized as case exhibits. Preliminary investigations indicated that the suspect is believed to be a debtor-turned-runner who had assisted the loansharks by carrying out bank transfers.

The suspect will be charged in Court on 9 March 2010 for the offence of assisting in the business of an unlicensed moneylender under the Moneylenders' Act 2008.

Under the amended Moneylenders’ Act 2008 which came into effect on 11 February 2010, first-time offenders found guilty of the same offence could be fined not less than $30,000 and not more than $300,000, with a mandatory imprisonment term of up to four years and mandatory caning of up to six strokes.