Money makes the world go round,no money ,no honey. Have you ever heard of these familiar phrases before?? In my opinion it is indeed true to a certain degree.There are a lot of positive things that we can do with money be it for enjoyment, education or even setting up a business. However, money also brings about negative factors especially in cases where loan sharks are involved.

On the 29/10/2010, a total of 11 people which included six men and five women aged between 18-66 had been arrested in an island-wide operation against loansharking activities. The suspects had allegedly opened bank accounts and gave their Automated Teller Machine(ATM)cards and Personal Identification Number(PIN)to syndicates. Three of the suspects are also said to be runners who had harassed clients and made bank transfers. Two of the suspects will be charged in court on the 1st of December under the Moneylenders Act while the rest are still currently undergoing investigations.

Under the Moneylenders Act 2010, a person is presumed to have assisted in the carrying on of the business of an unlicensed moneylender when a bank account or ATM card of any person is used to facilitate the carrying on of the business of moneylending by an unlicensed moneylender. First time offenders may be fined between $30,000 and $300,000, jailed for a term not exceeding four years and given a maximum six strokes of the cane.


In my opinion, being involved in loansharking activities such as borrowing or even being a runner will only get us into trouble with the authorities. If there is a will, there is away.If we are willing to work our hearts off,there can always be other better alternatives for us to earn money legally. Therefore, loansharks should never ever be an option for us during difficult times. Deal with a shark, and it may just give you the most painful bite you will ever feel.

Labels: Channel Newsasia (30/10/2010)