Licensed moneylender fined $25,000 for errant practices

The premises of licensed moneylending firm Velocity Cash at Textile Centre, seen on Oct 14, 2011.
The premises of licensed moneylending firm Velocity Cash at Textile Centre, seen on Oct 14, 2011. PHOTO: ST FILE

SINGAPORE - The owner of a licensed moneylending company, Velocity Cash, has been fined $25,000 for his errant actions.

Andy Chan Ka Mun, 33, faced 14 charges and was convicted last Thursday (Nov 5) on four of them, including one for the contravention of licence conditions and two for recklessly furnishing false information to the Registrar.

In a press release on Monday (Nov 9), the Registry of Moneylenders said Chan had held a moneylending licence from March 18, 2011, to May 14, 2014, when his licence was not renewed.

The Registry, a department under the Ministry of Law which conducts regular inspections on licensed moneylenders, had brought charges against Chan on April 28 last year.

Since 2011, 35 other licensed moneylenders have been convicted and fined, the Registry said.

Enforcement measures against errant companies include suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions.

Those convicted of breaches of the Moneylenders Act face a fine of up to $40,000 and/or a maximum jail term of two years on each charge.