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Three Individuals Charged For Unlicensed Moneylending Offences

by September 26, 2019 General

Two men and a woman, aged between 36 and 65, have been charged in court on 26 September 2019 for their alleged involvement in an unlicensed moneylending business.

In 2012, one of the individuals, a 62-year-old man, was the majority shareholder and a director of Invest-Ho Properties Pte Ltd (Invest-Ho). The prosecution is alleging that as the director of Invest-Ho, the man had consented to the company extending loans of approximately $2 million in total to eight borrowers, securing each loan on the property of the borrower. This was despite the company not having the licence to conduct moneylending activities. The prosecution is also alleging that a 65-year-old woman, then a conveyancing lawyer, had assisted Invest-Ho in its moneylending activities by drafting various Option to Purchase and Power of Attorney documents in relation to the properties used to secure the loans, to disguise the loans as conveyancing transactions. The third individual, a 36-year-old man, is alleged to have collected loan repayments and updated records of the loans and their repayments.

The three individuals were charged in court for unlicensed moneylending offences under Section 5(1) punishable under Section 14(1)(b)(i) read with Section 14(1A)(a) of the Moneylenders Act. The 62-year-old man’s charge is read with Section 331 of the said Act, as he was an officer of Invest-Ho. If convicted, they face imprisonment for a term not exceeding 4 years, and a fine of not less than $30,000 and not more than $300,000.

The 65-year-old woman is also accused of having failed to disclose suspicion of the alleged unlicensed moneylending transactions to a Suspicious Transaction Reporting Officer. She was therefore charged with another 7 counts of an offence under Section 39(1)(b) punishable under Section 39(2) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act. If convicted, she faces imprisonment for a term not exceeding three years, or a fine not exceeding $250,000, or both.

Source: Singapore Police Force