Man jailed, fined for unlicensed moneylending offences
By Claire Huang
POSTED: 05 Jun 2013 3:47 PM
SINGAPORE: A realty firm director has been handed a jail sentence of three months and fined S$474,000 for unlicensed moneylending offences and granting unsecured loans.
Lee Pit Chin, 45, admitted to four counts of operating a moneylending business in 2011 when he had no licence to do so.
At that time, he was director of James Lee Realty.
Through his staff Yan Hwee Oon, 50, Lee illegally loaned money amounting to S$43,500 in total to two potential HDB flat sellers.
The prosecution proceeded on two of the four charges.
For this, he was sentenced to three months' jail and fined S$160,000.
Lee also admitted to 90 counts of granting unsecured loans to borrowers and knowingly or recklessly furnishing authorities with false or misleading information in 2010.
He committed these offences when he was a licensee of James Lee Credit.
Of the 90 charges, the prosecution proceeded on 30 counts.
The rest were taken into consideration for sentencing purposes.
For these offences, Lee was further fined S$314,000.
- CNA/jc/ms