Fighting Loansharking Activities

Loansharking is illegal but there is no doubt that it is common here in Singapore. In fact, on November 26 and 27, 2013, police arrested 16 people who were members of an illegal money lending syndicate that is accountable for more than three hundred harassments. Another man was also arrested on December 7, 2013.

Under the law, if someone is found guilty of operating or assisting loansharking, he/she can pay S$30000 to S$300000 plus a compulsory jail term of four years and six hits of cane. Alternatively, the police is advising the public to keep away from loansharking activities. The public needs to eschew this illegal activity. Here’s what you can do:

1.       Be vigilant

You need to be vigilant. If there are suspicious people around your neighbourhood, you can act by reporting to the police immediately. You also need to call the attention of the police if you know of harassment activities. If you want to reach the police and you need immediate assistance, you can dial 999.

2.       Join COP and NWGs

Before the police can rescue the neighbourhood, COP (Citizens on Patrol) and NWGs (Neighbourhood Watch Groups) will serve as the first line of defence. If you are serious about stopping loansharking activities, you have to join COP and NWGs. You need to contact Police Centre nearby and ask how you can take part.

3.       Spread awareness

There are people who needs to be aware of this situation. If you do not want to join COP or NWGs, you can help by spreading the awareness to all people in the neighbourhood. This is not a problem because educational posters are present everywhere. There are also advisories distributed around. You can help by spreading the information.

4.       Educate your children

There is an increasing trend of youths joining loansharking activities. In 2010, it was noted that 78 youths were arrested for assisting loansharking activities. Youths are used in this trade because if they are caught, they will only experience probation. With this, it is important that parents educate their children. Parents need to be watchful of their children’s activities.

We all have our difficult moments especially when it comes to our finances but loansharking should never be an option. If you are encountering a financial difficulty, you should exhaust all methods but never loansharking. You will know if it is loansharking when you are offered with an easy loan application with a very large interest. Ask for the license and other government accreditations.