In an 11-hour long operation by the Criminal Investigation Department (CID) which ended early this morning, 7 persons (6 men and 1 woman) aged between 25 and 54 years old were arrested for involvement in an loansharking syndicate.

The arrests were made in various parts of Singapore, including public housing estates in Canberra Road, Jurong West, Ang Mo Kio, New Bridge Road, Yishun, Ghim Moh and Tampines. During the operation, cash, laptops, mobile phones and ATM cards used by the syndicate members to facilitate their loansharking business were also seized.

4 of the 7 suspects will be charged in Court tomorrow under the Moneylenders Act. The remaining 3 suspects will be released on bail pending further investigations.

Assistant Director of the Specialised Crime Division of CID, Superintendent of Police Goh Lam Kiong commended the officers for their excellent work in apprehending the syndicate members. He also warned that the police will continue to come down hard on those involved in loansharking activities.

Under the Moneylenders Act, persons found guilty of operating or assisting in the operating of a loansharking business may be fined not less than $30,000 and up to $300,000 with mandatory imprisonment of up to 4 years and mandatory caning of up to 6 strokes. Persons found guilty of committing loanshark harassment shall be punished with imprisonment for a term not exceeding 5 years, fine not less than $5,000/- and not more than $50,000/- and shall also be liable to be caned not more than 6 strokes.