loan shark country getting better

Loan sharks active as ever. This is reported in the Today paper. More than 10,000 cases of harrassments or activities reported. In fact 10,221 cases in 2006, an increase of 47% from 8,600 cases in 2005. Ho Peng kee asked for more time to tackle the problem. So far only 294 persons were arrested on related offences. Looks like the loan shark syndicates are outwitting the police. They used electronic banking facilities, virtual transactions, debtors bank accounts, telephone numbers etc. They are so sophisticated that the police would need 'extensive intelligence gathering and investigation' to bring them to court. Tough job for the police when the criminals are so smart. In the meantime the people are encouraged to form neighbourhood watch group to help themselves, like the good old days.


Speedwing said...

Good morning Redbean. An interesting article about the widespread use of loansharks in Singapore. An increase of 47% is quite staggering.

What I do not understand is why do people have to go to these loansharks? There are banks where the interest rates are cheaper and more secure. Is it because of bad credit rating and banks refusing the loan? Or cold it be the sum borrowed is used for other illegal activities such as gambling etc. Surely it cannot be for top up of day-to-day living expenses.

For a country of only 4.2 million I find it hard to believe that there has been 10221 reported cases of harrassment by loansharks, not mentioning the many unreported cases. Singaporeans are rich, loansharks should in theory be out of business.

taxi uncle said...

true,very true, singaporean is so rich.......still unable to guess a reason.Hmmm...say, not sound in sum? or......let's guess.thn we narrow down to de possibility.

Anonymous said...

Singaporeans only appear to be rich but in reality are saddled with lifelong debts for their overpriced pigeon holes.

redbean said...

if there are more people jumping into a pond full of loansharks, what does it say?

people went to the loansharks only when they are desperate. no doubt they have messed up their lives. they have hit the wall.

the loansharks have a role in the lives of these people. my only unhappiness is that they dragged other innocent parties like neighbours into their illegal activities. that is intolerable.

redbean said...

What is the key difference between Singapore, Hongkong and Taiwan? I think what we have here in the past years is that the police is in control of the gangs and illegal activities. But if they cannot handle the loan shark activities and allowed them to run wild or in circles, then soon we will join the ranks of Taiwan and Hongkong.

If they don't clean up this act, I can't imagine what Singapore will become when the two IRs become operational.

Quick Cash said...

Loan Sharks are people or companies that provide loans with very high rates. They are popular for applying blackmail and threats of violence against clients who do not pay their loans on time.

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