PROPERTY AGENT ARRESTED FOR UNLICENSED MONEYLENDING TO CLIENTS

The Singapore Police Force said today that it had arrested a 40-year-old housing agent for his suspected unlicensed moneylending. His targets were mainly owners of HDB flats who wanted to sell their homes

The suspect had loaned S$30,000 each to three persons while they were in the midst of selling their flats. He charged these HDB flat owners up to 233 per cent and 260 per cent interest rates on the loans once the sale of their flats were completed.

The suspect will be charged in court tomorrow for offences under the Moneylenders Act 2010 (Revised Edition).

First time offenders found guilty of carrying on the business of moneylending in Singapore without a licence may be punished with a fine of between S$30,000 and $300,000 and with imprisonment up to four years.

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