Errant moneylender fined $82,000 after being convicted of 18 charges

SINGAPORE - An errant moneylender was fined $82,000 on Monday after being convicted of 18 charges under the Moneylenders Act.

Koo Guan San, 48, the sole proprietor of the moneylending business JBM Credit pleaded guilty to five charges for failing to extend completed loan application forms to borrowers and three charges of failing to supply statements of account to borrowers.

He was also charged for giving false information to the Registrar, as well as granting an unsecured loan exceeding the limit of $3,000 to a Singaporean borrower with an annual income below $20,000.

Koo was first licensed to run a moneylending business in 2007, but the licence was not renewed after it expired in 2010, as investigations showed that Koo had committed offences then.

Twenty-eight other licensed moneylenders have been convicted and fined since 2011. Those convicted of breaches under the Moneylenders Act and Rules face a fine of up to $40,000 and a jail term of up to two years on each charge.