In a statement, police said officers from Ang Mo Kio Police Division were performing anti-crime rounds in the vicinity of Yishun Avenue 11 housing estates when they spotted the two suspects behaving suspiciously.
The two suspects were unable to account for their presence there.
A search was conducted on the suspects and a plastic bottle containing blue paint and a white surgical mask were found in their possession.
A further check on their motorcycle discovered loanshark-related paraphernalia such as markers, bicycle chains, small bottles containing paint, paint remover, a notebook and mobile phones with suspected debtors' addresses.
Police said preliminary investigation revealed that the suspects had assisted loansharks to carry out harassment by splashing paint and scrawling loanshark-related graffiti at various locations such as Yishun, Sembawang, Woodlands, Tampines, Jurong and Toa Payoh.
They were also believed to be involved in an earlier loanshark harassment case at Sunrise Lane, whereby motor vehicles were being splashed with paint.
