Housing agent arrested for suspected unlicensed money lending

A 40-year-old housing agent was arrested for suspected involvement in unlicensed money lending targeting Housing and Devlopement Board (HDB) flat sellers, said the police in a news release on Wednesday (Apr 1).

Police said officers from the Tanglin Police Division acted after receiving information, and and conducted investigations against a housing agent who was allegedly involved in unlicensed money lending.

“He is believed to have extended loans of S$30,000 to each of the three persons who were in the process of selling their HDB flats,” said the police.

“On completion of the sale of their flats, these sellers had used the proceeds to repay their loans with interest rates between 233 per cent and 260 per cent.”

The suspect will be charged in court for offences under the Moneylenders Act on Thursday (Apr 2). 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, say police.

Source : Channel NewsAsia – 1 Apr 2015

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