The fight against loansharks

[Little_prince]

Hi need some advice,

2012April received a call saying that they are new moneylender company offer to loan,

so I take up a loan of $500 and clear in 1 month, during that time I don't they are illegal loan shar

3 days ago I receive Ms and call saying I own them. $800 which was loan last try 3 July 20122 but I didn't take up anymore loan after knew is illegal.so what should I do? Pay up the $800 and close case or waiting for them to come up y place.

I thinking just pay $800 even though I did not borrow a single cent from them but will.they closed my case? Save trouble or harass to family,he only mention will mail e a Iou instead of meeting.

 

SO ANY ADVICE??????

 

you should give them all your money and kowtow to them a few times. hopefully they will stop calling you.

 

if they continue, then you should sell your car and house to pay them back because those loan shark korkor earn money very difficult, so your should always pay them what ever they ask of you and please remember to tip them for their hard work.

[Leepee]

You should reply back to ask them for the borrowers name and address, to confirm it's really you.

If they got the wrong name and address, then you are safe!

Quickly cancel your phone number and get a new one.

I rather use the $800 to buy a new IPhone and new line, using wife or children IC.

 

If they have your records....then too bad...I think have to change house....and get a lawyer to change name too. No joke....these AhLong will trace you thru facebook, and their insiders in the telecom can easily track you down by your IC number!

 

Good luck. If you give $800 this time...they know they have a easy suckers on hand.....and will blackmail you further!

 

 

Hi need some advice,

2012April received a call saying that they are new moneylender company offer to loan,

so I take up a loan of $500 and clear in 1 month, during that time I don't they are illegal loan shar

3 days ago I receive Ms and call saying I own them. $800 which was loan last try 3 July 20122 but I didn't take up anymore loan after knew is illegal.so what should I do? Pay up the $800 and close case or waiting for them to come up y place.

I thinking just pay $800 even though I did not borrow a single cent from them but will.they closed my case? Save trouble or harass to family,he only mention will mail e a Iou instead of meeting.

 

SO ANY ADVICE??????

 

[Ooosh]

Ah long/Moneylenders always say how good they are, coming in when Banks refused to lend people money.

 

To add fuel to the fire, the interest they charge is 20% per month and the interest is deducted from the initial cash amount lent. Unless you intend to return in one month max, dont borrow from them.

 

For example, repayable in one month-

Loan: $1000

Interest 20%: $200

Cash transferred to borrower: $1000-$200 = $800

 

So the borrower must pay $1000 at the end of one month including the interest incurred. If the borrower is unable to pay, additional $200 interest and a penalty of $15-$20 per late day.

 

So if you borrow $1000 and return after two months, the interest is

 

$200+$200+($15x30) = $850.

 

And we are only talking about $1000 here.....

[Lurpsexx]

Masterminds are probably bookies who make tons of money but not sure what to do with it. They are not investment savvy and likely not holding any viable job profile, it is only rational for them to engage their spare change by lending it to people who need it.

 

Clearly, they charge exhorbitant interest rate knowing for a fact that at least half the amount will vanished, but they can afford to take a chance since the source of booking income can be quite substantial.

 

Engaging in high risk and high yield activities will guarantee massive returns for them simply by opening as many channels of such activities as possible. The risk factor will diminish directly with the number of such channels, just like a dealer facing one player, or many players.

 

If the bookmarking players fail to pay, they would have the money lending activity to cover the loss, vice versa. The more customers they have in each activity, the risk will be lower even more.

 

In other words, they can afford the loss because it is not hard earned money anyway. People who goes to them for any dealing are pigs waiting to be slaughter, that's all.

 

+1.. good analysis..

[Lurpsexx]

Ah long/Moneylenders always say how good they are, coming in when Banks refused to lend people money.

 

To add fuel to the fire, the interest they charge is 20% per month and the interest is deducted from the initial cash amount lent. Unless you intend to return in one month max, dont borrow from them.

 

For example, repayable in one month-

Loan: $1000

Interest 20%: $200

Cash transferred to borrower: $1000-$200 = $800

 

So the borrower must pay $1000 at the end of one month including the interest incurred. If the borrower is unable to pay, additional $200 interest and a penalty of $15-$20 per late day.

 

So if you borrow $1000 and return after two months, the interest is

 

$200+$200+($15x30) = $850.

 

And we are only talking about $1000 here.....

 

+1.. good maths... are you their accountant? Haha.. Just kidding...

[Mercs]

http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/police-officers-seen-cutting-chain-put-by-loan-sharks-on-gate-of-ang-mo-kio-home

 

Police officers seen cutting chain put by loan sharks on gate of Ang Mo Kio home

Posted on 25 January 2015 | 3,518 views | 15 comments

 

 

A video posted on facebook shows police officers cutting a chain put on a Ang Mo Kio resident's front gate by loan sharks.

 

The video was posted by the Singapore Anti LoanSharks facebook page, who stated in their caption that the incident took place in Ang Mo Kio.

 

The post also stated that three cars had red paint splashed on them in Hougang Avenue 8 recently.

 

The facebook group also alleged that the attacks on residents had been going on for about three months.

 

Here is the rest of the post:

 

"Several units of flats have had their doors chained locked and the loan sharks even warned the residents that they would set fire to the flats. The beautiful thing about this kind of incidents is that the residents are innocent and did not borrow money from the loan sharks.

 

"They are threatened and harassed as collateral damages to force the intended victim to pay up. How could this be? Or are the loan sharks thinking that the harassment would be frightening and disruptive enough that the innocent residents would cough up money to pay for the one who took loans from the loan sharks?

 

"KINDLY SHARE AND BRING AWARNESS TO THE PUBLIC! For whatever reason it may be, avoid being the next victim of illegal money lenders."

[Mercs]

http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/3-men-arrested-police-looking-for-2-more-to-assist-with-in-case-of-loanshark

 

3 men arrested, police looking for 2 more to assist with in case of loanshark harassment at Choa Chu Kang Ave

Posted on 20 June 2015 | 2,198 views | 9 comments

 

 

 

AsiaOne,

June 19, 2015

 

Police are looking for the two men shown in the images below to assist with investigations into a case of loanshark harassment reported at Block 249 Choa Chu Kang Avenue 2 on June 5.

 

Anyone with information is requested to call the Police Hotline at 1800-255 0000 or submit information online at www.police.gov.sg/CrimeStopper. All information will be kept strictly confidential.

 

Meanwhile three men between the ages of 26 and 36 have been arrested for their suspected involvement in assisting unlicensed moneylending syndicates to procure Automated Teller Machine (ATM) card and Personal Identification Number (PIN) from debtors to facilitate unlicensed moneylending businesses in two separate cases.

 

The 36-year-old man was arrested at Jurong West Canal on June 18 at 9pm. Upon his arrest, two ATM cards, three handphones, one electronic tablet and cash amounting to $1,100 were seized as case exhibits.

 

The suspect is also believed to have assisted the syndicate to verify signs of loansharking harassment at debtors' residences and distributed flyers related to unlicensed moneylending businesses.

 

The other two men, aged 26 and 27, were arrested at Bukit Batok Central on June 19 at about 1am. Upon their arrest, one ATM card and one handphone were seized as case exhibits. The suspect in the first case will be charged in Court on June 20.

 

Investigations against the two suspects are still ongoing. First-time offenders found guilty of carrying on the business as an unlicensed moneylender or assisting in the business of unlicensed moneylending may be fined between $30,000 and $300,000.

 

They may be imprisoned for up to four years and may be caned with up to six strokes.

[Count-Bracula]

Well done!

 

Please give them the rotan if convicted. Scumbags!

[Mercs]

Loanshark harassment suspect arrested with public's help-

http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/loanshark-harassment-suspect-arrested-with-publics-help

 

[CarPark8]

I am stunt like a vegetable

 

If we can eradicate the biggest threat to our tiny country - communist, also not forgetting secret societies (at least they don't show their ugly head in public), panic the public if they are caught eating chewing gum, I am very surprise why the authorities are unable to put a stop to these loan shark activities.

 

These loan shark must have a contact number or some form of contact. Otherwise how their victims going to pay them. There is already a lead.

 

I suspect, the loan shark is unofficially recognised as a useful vehicle since other official avenues for loans especially people without collaterals can use. Hence, the impetus to act harshly on the loan shark.

 

 

 

 

Truly, the authorities can track, uncle (from god knows where) who wrote some graffiti on the bus stop but blatant loan shark with obvious contact point cannot put a stop to their activities even after more than several decades.

 

Really, I am stunt like a vegetable.

[Kb27]

Well done!

 

Please give them the rotan if convicted. Scumbags!

 

yeah, those scumbags need to be jailed.

keep sms me their stupid illegal loans.

[Little_prince]

Not care or dont care, u missing my point. U think sending runners to illegally splash paint no risk ah? Isn't it a waste of their time? If u run a business will u do unnessecary non-profitable things? Isnt it better to send your runners to trace the whereabouts of the borrower rather than splash splash burn burn but still no results?

paint not cheap too. Lol

[Lurpsexx]

I am stunt like a vegetable

 

If we can eradicate the biggest threat to our tiny country - communist, also not forgetting secret societies (at least they don't show their ugly head in public), panic the public if they are caught eating chewing gum, I am very surprise why the authorities are unable to put a stop to these loan shark activities.

 

These loan shark must have a contact number or some form of contact. Otherwise how their victims going to pay them. There is already a lead.

 

I suspect, the loan shark is unofficially recognised as a useful vehicle since other official avenues for loans especially people without collaterals can use. Hence, the impetus to act harshly on the loan shark.

 

 

 

 

Truly, the authorities can track, uncle (from god knows where) who wrote some graffiti on the bus stop but blatant loan shark with obvious contact point cannot put a stop to their activities even after more than several decades.

 

Really, I am stunt like a vegetable.

 

If the authorities go up the loan sharking food chain, the apex would reveal some prominent characters, which would be inconvenient to reveal...

 

Where you think all these $$$ for loan sharking come from? High risk need high returns, and the source would have to have loads of excess cash to lend to risk these high returns... who have loads of excess $$ ??

 

Thats why some times you see some actions dun go all the way, there is some tarek back... bec the resulting fallout would outweigh the problem being solved.. just catch some small time harassers to be seen to be doing something, in order to placate the public, but dun touch the untouchables.. win-win for them, still problem for the innocents.... you've seen captured loan shark heads being publicly paraded recently?? lol...

 

There are more than 50 shades of grey in SG....

Edited June 29, 2015 by Lurpsexx

[Ingenius]

I am stunt like a vegetable

 

If we can eradicate the biggest threat to our tiny country - communist, also not forgetting secret societies (at least they don't show their ugly head in public), panic the public if they are caught eating chewing gum, I am very surprise why the authorities are unable to put a stop to these loan shark activities.

 

These loan shark must have a contact number or some form of contact. Otherwise how their victims going to pay them. There is already a lead.

 

I suspect, the loan shark is unofficially recognised as a useful vehicle since other official avenues for loans especially people without collaterals can use. Hence, the impetus to act harshly on the loan shark.

 

 

 

 

Truly, the authorities can track, uncle (from god knows where) who wrote some graffiti on the bus stop but blatant loan shark with obvious contact point cannot put a stop to their activities even after more than several decades.

 

Really, I am stunt like a vegetable.

Don't need to be stunned, these people buy prepaid phone card from FWs in geylang and use, or Malaysia cards, so it will not trace back to them. They won't be so silly to use phone cards registererd under their own name of cos. Even the bank accounts also.

Edited June 29, 2015 by Ingenius

[Mercs]

Loan-shark sets gate of HDB flat on fire, then sends video to victim

http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/loan-shark-sets-gate-of-hdb-flat-on-fire-then-sends-video-to-victim

 

https://m.facebook.com/profile.php?id=772893202759121&refsrc=http%3A%2F%2Fsingaporeseen.stomp.com.sg%2Fsingaporeseen%2Fthis-urban-jungle%2Floan-shark-sets-gate-of-hdb-flat-on-fire-then-sends-video-to-victim&_rdr

[Baal]

wtf.

[Vid]

Loan-shark sets gate of HDB flat on fire, then sends video to victim

http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/loan-shark-sets-gate-of-hdb-flat-on-fire-then-sends-video-to-victim

 

https://m.facebook.com/profile.php?id=772893202759121&refsrc=http%3A%2F%2Fsingaporeseen.stomp.com.sg%2Fsingaporeseen%2Fthis-urban-jungle%2Floan-shark-sets-gate-of-hdb-flat-on-fire-then-sends-video-to-victim&_rdr

 

Walau... the neighbour sibeh sway sia....

[Lurpsexx]

Loan-shark sets gate of HDB flat on fire, then sends video to victim

http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/loan-shark-sets-gate-of-hdb-flat-on-fire-then-sends-video-to-victim

 

https://m.facebook.com/profile.php?id=772893202759121&refsrc=http%3A%2F%2Fsingaporeseen.stomp.com.sg%2Fsingaporeseen%2Fthis-urban-jungle%2Floan-shark-sets-gate-of-hdb-flat-on-fire-then-sends-video-to-victim&_rdr

 

This one must catch and hang... really will cause poeple to lose lives.. the target as well as their neighbours,,,, no escape if the house on fire....