Two charged with unlicensed moneylending
Two men were charged today with carrying on business as moneylenders without a licence.
Lee Pit Chin, 44, a director of a real estate company, and Yan Hwee Onn, 50, who is in sales, face four charges each.
Lee allegedly carried on the loansharking business last year by instructing Yan to disburse loans on his behalf to borrowers. The total amount involved was $103,500. A 10 per cent interest was levied on each of the loans of $15,000 to $30,000.
The two men were represented by counsel.