Think twice before assisting unlicenced moneylenders

Since opening of two new casinos in Singapore, The Marina Bay Sands and Resort World Sentosa, there is a rise in loansharking / moneylending activities in Singapore. Many of which are instigated by the loanshark syndicate themselves, while there are also been debtors-turned-runner who assist in collecting debts from other debtors.

They commit acts of harassment by splashing paint on debtor’s doors and scrawling loanshark-related graffiti on walls of HDB blocks.

However, at point of time, there are also cases that they wrongly splashed paint on innocents neighbors.

First-time offenders found guilty of assisting in the carrying out of the business of unlicensed moneylender may be fined between S$30,000 to S$300,000, jailed up to 4 years and given 6 strokes of cane.

Apart from the offence stated above, first-time offenders may also face charges of loanshark harassment which can be fined S$5,000 to S$50,000, given a mandatory jail term up to 5 years and caning up to 6 strokes.

Thinking of working for loanshark ? Pay might be good, but the price to pay is high as well.

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