Loan shark boss had secret room to store cash
Published on Sep 19, 2011
By Khushwant Singh
Hidden in a secret room in a condominium unit at JLB Residence in Loyang were two safes filled to the brim with nearly half a million dollars.
A district court heard on Monday that this was the illegal proceeds of Khoo Joo Huat - the boss or 'towkay' of four illegal moneylending cells.
Noting that this was one of the rare cases when someone high up in the chain of a loan shark syndicate has been apprehended and charged, District Judge Eddy Tham said that a strong message had to be sent to deter such offenders. He sentenced Khoo to jail for five years and five months, a fine of $300,000 and 21 strokes of the cane.
In 2003, Khoo, then a second-hand car salesman started his criminal career by collecting payments for an illegal moneylender identified only as Ah Kau.
Read the full story in Monday's edition of The Straits Times.
