A 31 year-old man was arrested after issuing loans of up to about $26,000 to other foreign nationals in Singapore. He demanded a 20% monthly interest on these loans.
The police arrested the man at a shopping center along Paya Lebar Road on Sunday after they received a tip off about the man’s activities in Tanjong Katong in August.
Unlicensed money lending has become a source of concern for Singaporeans with recent cases involving foreign domestic workers borrowing large amounts of money using their employer’s details and addresses. They are typically given access to loansharks via SMS advertising or through friends.
If found guilty, the Indian national faces jail of up to 4 years, a maximum fine of $300,000 and up to six strokes of the cane.
If you suspect anyone of being involved in unlicensed moneylender, please call the X-Ah Long hotline @ 1800-924-5664.