Errant licensed moneylender fined $10,000

SINGAPORE - A licensed moneylender has been fined $10,000 for providing false information to the Registry of Moneylenders, a department under the Ministry of Law.

Lion Credit Pte Ltd pleaded guilty to the charge on Monday and was fined $10,000. It will also be required to furnish reasons to the Registrar as to why its licence should not be revoked and its security deposit forfeited.

Two other charges were also taken into consideration by the Court.

Lion Credit has been a licensed moneylender since June 23, 2010.

The Registry of Moneylenders said 31 other licensed moneylenders have been convicted and fined since 2011.

"The Registry carries out regular inspections of licensed moneylenders," it said.

"Where breaches of moneylending laws are found, enforcement measures are taken, including the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions."

Those convicted of breaches face a fine of up to $40,000 and/or up to two years' jail on each charge.

The highest fine meted out to a licensed moneylender since 2011 was $314,000, given to James Lee Credit in 2013.