Author Topic: Loan Sharks n LoanSharking (Read 4592 times)

zuoom · « **Reply #45 on:** October 14, 2011, 07:27:40 AM »

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Advertisements in newspapers will be prohibited. There will also be restrictions on the content advertised. -- ST PHOTO: BRYAN VAN DER BEEK

Senior Parliamentary Secretary for Law Sim Ann, announced new measures to tighten regulation of licensed moneylenders' advertising and marketing activities and license conditions on Thursday.

From Nov 1, licensed moneylenders will only be able to advertise through specific channels such as business and consumer directories, on their business website and within or outside the approved place of business.

Advertisements in newspapers will be prohibited. There will also be restrictions on the content advertised.

Licensing conditions will also be tightened to raise the professional standards of the moneylending industry. For example, moneylenders will have to subscribe to a telephone land line and computerise their business operations to facilitate audit checks.

Sauce: http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_722906.html & STOMP

via : http://forums.hardwarezone.com.sg/showthread.php?t=3439117

ThrillSpeed · « **Reply #46 on:** October 14, 2011, 08:13:02 AM »

Good...

zuoom · « **Reply #47 on:** October 14, 2011, 09:50:46 AM »

why you say good leh?

the newspaper like that will be have less advertising.

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Police arrested four men aged 21 to 24 years for loanshark harassment

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In an operation led by the Criminal Investigation Department (CID) on 13 October 2011 which ended around 10pm, Police arrested four men aged 21 to 24 years who are believed to be involved in a series of loanshark harassment by fire cases committed island-wide.

The four suspects are believed to be responsible for at least eight loanshark harassment cases that occurred at island-wide locations including Tampines, Jurong, Clementi, Yishun and Serangoon North between 8 October 2011 and 11 October 2011. In these cases, the front doors of the victims’ residences were set on fire. All suspects will be charged in Court on 15 October 2011 under the Moneylenders Act.

Under the Act, persons found guilty of committing loanshark harassment shall be punished with imprisonment for a term not exceeding five years, a fine of not less than $5,000 and not more than $50,000, and shall also be liable to be punished with not less than three strokes of the cane.

Deputy Director of the CID, Deputy Assistant Commissioner of Police Teo Chun Ching commended the officers for their efforts leading to the arrests. He added, “The criminal conduct in such cases of harassment by fire is shocking and morally reprehensible. Such actions have not only caused financial loss and anguish to the affected individuals but also endangered other residents. Police will spare no effort s to apprehend such perpetrators and ensure they face the full brunt of the law.

Sauce: http://www.spf.gov.sg/mic/2011/111014_fire_case.htm

via : http://forums.hardwarezone.com.sg/showthread.php?t=3440578

zuoom · « **Reply #48 on:** November 08, 2011, 08:04:53 AM »

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Loansharks appear to have infiltrated our local schools.

A teen who was recently arrested for loansharking activity has come clean on the vast loanshark network in his school.

Chen, a 20-year-old polytechnic student was recently caught for allowing loansharks to use his bank account to make fund transfers.

For allowing loansharks to use his account for illegal activities, Chen receives about $200 "easy money" every month, which he spends on enjoying himself.

However, the flow of easy money came to an abrupt end when policemen appeared at Chen's home late one night and brought him back to the station to assist in investigations. He was detained for nine hours before his father could bail him out.

At the station were more than ten other people called in for the same reason.

Surprisingly, the youngest detainee was a mere primary five boy. There were also three or four other youths, and several aunties and uncles.

Chen told reporters that there is already a well established loanshark network in his school.

He explained that when his friend first asked him to open a bank account for the loansharks,he replied, "It's okay, I'm not short of money."

From then on, Chen's friend began asking him about it once every few days while emphasising that it is "very safe" from the police. Chen's friend also emphasised to him that he could close the bank account in a month if he wishes to pull out.

Two months later, Chen decided that he might as well stay on for the easy money.

Chen also explained the pyramid structure and roles in the loanshark network in his school.

In a three-tier pyramid, Chen belonged to the lowest tier, where ten people, each with two bank accounts, are linked to a middle-tier person. The middle-tier people similarly report to a person in the highest tier.

All the people in the pyramid appear to be students from the same school.

Chen said that the middle-tier person makes a lot of money.

"He often brings out a thick stack of $50 notes from his pocket. He's very busy working for the loansharks and cannot be bothered with ordinary holiday jobs or internships that pay $20 a day."

There are also bookies and loanshark runners in the loanshark network, all students in his school.

The bookies will collect soccer bets, then encourage those who have lost money to borrow money from the loansharks. The runners are in charge of depositing and withdrawing money for the loansharks.

The easy money seems to have lured many young students, undergrads, and many middle age adults to join the loanshark network.

Chen now hopes to tell others about his experience and warn people against joining such loanshark networks.

Source

via : http://forums.vr-zone.com/chit-chatting/1800166-student-exposes-loanshark-network.html

zuoom · « **Reply #49 on:** November 25, 2011, 03:43:37 AM »

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Loansharks now forcing people to take loans

A woman says loansharks are forcing her to take a loan from them.

Ms Lin, 40, a former air stewardess, was contacted by a loanshark last Tuesday afternoon, asking if she wants to borrow money.

"I told him I don't need any money. The loanshark called me again at night and said that he had accidentally transferred $490 to my bank account."

I checked and found $488 deposited into my account. The "interest" has apparently already been deducted from the sum.

"I called the loanshark back immediately to tell him I'll return the money to him," said Ms Lin.

But the loanshark refused to let Ms Lin return the money and insisted that she must "borrow" it.

She is supposed to return $200 to the loansharks each week, over three weeks.

This way, she would have paid up a total of $600, with the loansharks earning an interest of $112 from the "forced loan".

Ms Lin was so angry that she made a police report on the same night the loan was forced on her.

But because Ms Lin refused to do as the loansharks instructed, the men began to call and harass her.

"They call to intimidate me every day. They tell me if I won't pay them the money, they will harass me at my home. I was very worried so I made another police report," said Ms Lin.

Ms Lin believes that the loansharks are targeting her because her previous loans were paid on time.

Source: omy - 新闻 News - Loansharks now forcing people to take loans