Police have arrested a 40-year-old man for suspected involvement in unlicensed moneylending targeting HDB flat sellers.
Acting on information received, officers from the Tanglin Police Division conducted investigations against a housing agent who is suspected to be involved in unlicensed moneylending. He is believed to have extended loans of $30,000 to each of the three persons who were in the process of selling their HDB flats. On completion of the sale of their flats, these sellers had used the proceeds to repay their loans with interest rates between 233% and 260%.
The suspect will be charged for offences under the Moneylenders Act 2010 (Revised Edition) in Court on 2 April 2015. First time offenders found guilty of carrying on the business of moneylending in Singapore without a licence, may be punished with fine not less than $30,000 and not more than $300,000 and with imprisonment for a term not exceeding four years.
SINGAPORE POLICE FORCE
01 April 2015 @ 5:50 PM