Loanshark jailed 33 months and fined $520k
An unemployed man was jailed for 33 months and fined $520,000 on Thursday for carrying on business as an unlicensed moneylender.
Chua Chee Kian, 40, had pleaded guilty to 13 charges of unlicensed moneylending and one of money-laundering. Another 29 charges were taken into consideration.
A district court heard that he began giving out loans to various persons introduced by mutual friends in 2010.
When his found the number of debtors increasing quickly, he contacted his friends to help him carry on the illegal business.