International Asia Johor loan sharks targeting Singapore workers jailed

Johor loan sharks targeting Singapore workers jailed

Police arrested 21 loan sharks that have been running illegal money lending operations in Johor Baru in a series of raids

Author

Date

Category

- Advertisement -

Johor Baru — Loan sharks are targeting workers in Singapore and charging interest rates of 24 percent to 60 percent per year.

After a series of raids in Johor Baru, police have arrested 21 loan sharks that have been running illegal money lending operations. They have been targeting vulnerable Singapore workers as well as individuals blacklisted by banks and other lawful financial institutions.

The raids are considered the biggest in 2019 following the discovery of three major loan syndicates across the state.

Unlicensed moneylenders continue to target most vulnerable in Singapore

- Advertisement -

Contrary to previous perceptions of shady back alleys, these loan sharks now operate from their luxury condominiums and stylish houses.

Officers from the Bukit Aman Commercial Crimes Investigations Department and Johor officers conducted the raid and arrests in places such as Iskandar Puteri, Seri Alam and Setia Indah.

Police confiscated several items from the suspects such as dozens of burner cellphones, computers, vehicles, ATM cards, bank books, fliers, and cash.

They also seized a ledger containing personal information of the borrowers.

“The suspects were nabbed based on more than a dozen police reports lodged by the victims in the state,” according to an unnamed source quoted by The Star.

Authorities urge the public to go to licensed financial institutions instead of borrowing from these illegal moneylenders that charge exorbitant interest rates and threaten borrowers with blackmail and harassment./TISG

Ministry of Law announces lower maximum loan amount of S$500 for low-income foreigners and work pass holders

Send in your scoop to news@theindependent.sg 

- Advertisement -

First two out of group of ang mohs and foreigners fined over yacht party near Lazarus Island

A group of men and women were seen flouting safe-distancing measures while on a yacht at Lazarus Island on Dec 26 last year. The first two members of the group to face the court — Singapore permanent resident Mark Lau San...

Minor injuries for driver after SUV flips over on SLE

Singapore—A white sport utility vehicle (SUV) turned turtle on the Seletar Expressway (SLE) before the Woodlands Avenue 12 exit on Monday morning (March 1). One man sustained minor injuries in the incident. However, he refused an offer from the Singapore Civil Defence Force...

Monitor lizard eats python whole in Ulu Pandan canal, throws up and burps

Singapore – A monitor lizard was spotted eating a large python in Ulu Pandan canal. Passers-by watched, snapped pictures and pressed the video button, but guess who threw up his lunch? The lizard. The python proved too much to swallow. "Python hunted...

Send in your scoop to news@theindependent.sg 

Theindependent