14 moneylenders investigated for possible breaches

[SwineHunter]

14 moneylenders investigated for possible breaches
Posted: 02 June 2010 1204 hrs
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SINGAPORE : Several documents, personal computers and notebook PCs were seized during a joint inspection on 14 licensed moneylenders late last month.

Officers from the Criminal Investigation Department and Registry of Moneylenders carried out joint inspections of the moneylenders in Toa Payoh, Jalan Besar, Selegie, Ubi and Guillemard Road.

Investigations by the Criminal Investigation Department and the Registry of Moneylenders into all possible breaches of the Moneylenders Acts and Rules are still ongoing.

Necessary and appropriate enforcement action will be taken to ensure that all licensed moneylenders operate within the confines of the law.

A joint statement from the Police and the Insolvency and Public Trustee's Office, said this joint inspection aims to send a strong signal to all licensed moneylenders that the authorities take a serious view of non-compliance with and/or breaches of the Act.

Licensed moneylenders found guilty of breaching the Moneylenders Act and Rules can be fined of up to $40,000 or imprisoned up to two years or both.

Their licenses may also be suspended or revoked.

If convicted of operating an unlicensed moneylending business, first time offenders will be fined between $30,000 to $300,000, imprisoned up to four years, and caned up to six strokes. - CNA/jy