Two arrested for helping unlicensed moneylenders

SINGAPORE: Two men have been arrested for suspected involvement in helping an unlicensed moneylending syndicate, police said on Thursday (Jun 18).

Preliminary investigations revealed that the men, both aged 48, were believed to have assisted an unlicensed moneylending syndicate to obtain Automated Teller Machine (ATM) cards and Personal Identification Numbers (PINs) from debtors, said police. These were used to perform ATM transactions related to unlicensed moneylending businesses.

The suspects were arrested near Bukit Batok Central on Wednesday. Police also seized four ATM cards and three mobile phones as case exhibits.

Both suspects will be charged in court on Friday. First-time offenders found guilty of carrying on the business as an unlicensed moneylender or helping in the unlicensed moneylending business could face a fine of between S$30,000 and S$300,000, up to four years in jail and up to six strokes of the cane.

Sources: Channel NewsAsia