The authorities said the seized drugs have an estimated street value of more than S$237,000 and could have fed the addiction of approximately 1,440 drug abusers for a week.
The measures were implemented by the SPF in collaboration with the MAS, the Infocomm Media Development Authority and the Government Technology Agency of Singapore (GovTech).
For first-time offenders, loan shark harassment carries a penalty of a fine ranging from S$5,000 to S$50,000, imprisonment of up to five years, and caning of up to six strokes.
The police will apply for him to be remanded for psychiatric evaluation. If convicted, he faces a possible jail term of up to 10 years, a fine of up to S$500,000, or both.