Have you ever heard of the term “selling of bank account”? This is what happens when one is unable to pay back the loan shark and loansharks asked for the ATM card of their bank in return as “payment” for the loans.
The Police arrested 141 individuals in a 3-day anti-loansharking operation. The youngest is only 17-year-old and the oldest at 69-year-old.
The operation was coordinated among seven Police divisions and raids was conducted at various locations island. 26 of the suspects are believed to be “Ah Long Runners”, the runners will perform transactions for loanshark at ATM machines.
11 of them were helping loansharks harass debtors and draw graffiti on walls and splash paints.
103 were arrested for allegedly giving or selling away their bank accounts to loan sharks. The loanshark would obtain the ATM card and perform the transaction in their name. Loan sharks often do this to avoid getting trace by the Police.
Selling or giving away ATM card to loansharks to run loanshark business equals assisting the loan sharks in running their business
Yes it means, one can be equally guilty.
First-time offenders found guilty of carrying on or assisting in a business of unlicensed moneylending shall be punished with a fine between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of up to six strokes.
First-time offenders found guilty of acting on behalf of an unlicensed moneylender, committing or attempting to commit any acts of harassment shall be punished with a fine of between $5,000 and $50,000, be imprisoned for a term of up to five years, and shall also be liable to be punished with caning between three and six strokes.
Quoted from Singapore Police Force