The Police have arrested a 16-year-old teenager for his suspected involvement in loanshark harassments.
On 8 August 2023, the Police were alerted to a case of loanshark harassment along Bedok South Avenue 3, where the wall of a residential unit was pasted with debtor’s note.
Through follow-up investigations and with the aid of images from Police cameras, officers from Bedok Police Division established the identity of the teenager and arrested him on 9 August 2023. Preliminary investigations revealed that he is allegedly involved in other cases of loanshark harassment. One mobile phone was seized as case exhibit.
The teenager will be charged in court on 10 August 2023 under the Moneylenders Act 2008. For first-time offenders, the offence of loanshark harassment carries with an imprisonment of up to five years, a fine of not less than $5,000 and of up to $50,000, and caning of up to six strokes.
The Police have zero tolerance for loanshark harassment activities. Those who deliberately cause annoyance and disruption to public safety and security, will be dealt with severely in accordance with the law.
Members of the public are advised to stay away from loansharks and not to work with or assist them in any way. Members of the public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in loansharking activities.
Money lending
- Check the legitimacy: Ensure that the lender is licensed by the appropriate authorities
- Understand the terms: Read and understand the terms and conditions of the loan, including interest rates, repayment schedules, and any fees involved.
- Compare options: Don’t settle for the first loan offer you receive. Compare different lenders to find the best terms that suit your financial situation.
- Borrow responsibly: Only borrow what you can afford to repay. Be mindful of your financial capabilities and avoid overborrowing.
Remember that borrowing from illegal loan sharks or unlicensed lenders can lead to serious financial and legal consequences. It’s always safer to choose legitimate and regulated lending options to meet your financial needs.