Police have arrested two men aged 22 and 36 for suspected involvement in loansharking activities in two separate cases.

On 14 September 2010 at about 12.00 pm , officers from Ang Mo Kio Police Division mounted an operation at Bendemeer Road and arrested a 36 year old man for suspected involvement in loansharking activities. The suspect is believed to be a debtor-turned-runner and had assisted a loanshark by opening bank accounts and carrying out ATM fund transfers. Following his arrest, illegal moneylending related paraphernalia comprising several handphones, ATM cards, bank account books, a record book and cash amounting to more than S$5000 were seized from his possession.

In a separate case on 14 September 2010 at about 5.00 pm , a 22 year-old man was placed under arrest for suspected involvement in loansharking activities at Ang Mo Kio Avenue 9 following investigations into a case of loanshark harassment. The suspect is believed to be a debtor-turned-runner who had assisted a loanshark by opening several bank accounts and carrying out funds transfers.

Investigations against the two suspects are on-going.

Under the Moneylenders Act (Revised Edition 2010), where a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender, that person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender. First-time offenders found guilty of assisting in the carrying on of the business of an unlicensed moneylender may be fined not less than $30,000/- and not more than $300,000/-, be imprisoned for a term not exceeding four years and shall also be liable to be punished with caning with not more than six strokes.

Commander of Ang Mo Kio Police Division, Deputy Assistant Commissioner of Police Hsu Sin Yun, commended his officers for their perseverance and efforts in the fight against loansharks.