T
TuaBui
Guest
Two accused of running illegal moneylending business
04:45 AM Nov 02, 2012
SINGAPORE -
A director of a licensed real estate agency and a former property agent will be charged in court today with running an unlicensed moneylending business.
The director, who is also the Key Executive Officer of the agency and a registered agent, allegedly made loans to sellers of Housing and Development Board (HDB) flats in amounts ranging between S$5,000 and S$15,000.
The sellers would then repay the loan with interest from the profits of the sale of their flats.
The man, 44, faces four counts of operating an unlicensed moneylending business.
He was allegedly assisted by the former property agent, 50.
If convicted under the Moneylenders Act, the accused may be fined for each charge at least S$30,000 and up to S$300,000, with imprisonment of up to four years and caning of up to six strokes.
In a statement, the police and the Council for Estate Agencies (CEA) said they took a serious view of property agents who engage in unlicensed moneylending activities by taking advantage of HDB flat sellers.
The CEA would not hesitate to prosecute such offenders in court.
04:45 AM Nov 02, 2012
SINGAPORE -
A director of a licensed real estate agency and a former property agent will be charged in court today with running an unlicensed moneylending business.
The director, who is also the Key Executive Officer of the agency and a registered agent, allegedly made loans to sellers of Housing and Development Board (HDB) flats in amounts ranging between S$5,000 and S$15,000.
The sellers would then repay the loan with interest from the profits of the sale of their flats.
The man, 44, faces four counts of operating an unlicensed moneylending business.
He was allegedly assisted by the former property agent, 50.
If convicted under the Moneylenders Act, the accused may be fined for each charge at least S$30,000 and up to S$300,000, with imprisonment of up to four years and caning of up to six strokes.
In a statement, the police and the Council for Estate Agencies (CEA) said they took a serious view of property agents who engage in unlicensed moneylending activities by taking advantage of HDB flat sellers.
The CEA would not hesitate to prosecute such offenders in court.
onli we chinese so $$$ faced 
