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Singapore police bust ATM moneylending syndicate

June 9, 2005

Channel News Asia: Singapore police said June 10 that they have crippled an illegal moneylending syndicate believed to have an estimated pool of 2,000 debtors with more than $200,000 in loans given out monthly, generating profits of at least $100,000 per month. Police said the majority of the monetary transactions between the syndicate and the borrowers was done through ATM transfers.

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