Think twice before assisting unlicenced moneylenders

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on whatsapp

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.

Enhanced by Zemanta
See Also  Man charged as illegal bookie in Resort World Sentosa

Leave a Comment

About Singapore The Fine City

Singapore, also known as "The Fine City" has a double meaning. Besides being green, it is strictly enforced with Fines & Penalties

Recent Posts

More Topics

Follow Us

Sign up for our Newsletter

By signing up of our newsletter, you have agreed to receive new from us including any promotions.