40 suspects arrested in anti-loanshark operation

Forty suspects were rounded up in a 14-hour anti-loanshark operation which started at 8am on Tuesday. The 29 men and 11 women, aged between 22 and 64, were nabbed in various housing estates including Ang Mo Kio, Woodlands, Choa Chu Kang, Jurong West, Boon Lay, Potong Pasir, Pasir Ris and Tampines. Preliminary investigations showed that the suspects had opened bank accounts and gave their ATM cards along with personal identification numbers to loansharking syndicates to run their unlicensed moneylending businesses. The suspects are believed to be borrowers or guarantors. They had agreed to help the loansharks either for money or to offset their debts. During the operation, Police found a stack of name cards advertising loan facilities in one of the suspects' home. Police said preliminary investigations showed that she had assisted the loansharks in their illgeal moneylending businesses by distributing the name cards. Anyone who is found guilty of assisting loansharks could be fined between S$30,000 and S$300,000, jailed up to four years and given up to 6 strokes of the cane.