Moneylender fined $40,000 over false information

THE director of a licensed moneylending business was fined $40,000 after he fell afoul of the law by providing false information to the Registry of Moneylenders.

Tan Joon Heng of E.H. Credit Pte Ltd pleaded guilty on Monday (Mar 27) to two counts of recklessly giving false information to the registry, which oversees licensed moneylenders in Singapore, said a statement from the Insolvency & Public Trustee's Office.

By doing so, Tan committed an offence under Section 24(7) of the Moneylenders Act.

He could have been sentenced to a maximum punishment of up to $40,000 and imprisonment for up to two years. Four other similar charges were taken into consideration.