SINGAPORE - An errant licensed moneylender was fined $29,000 for breaching regulations under the Moneylenders Act and Rules.
Rajandran Suppiah, 53, pleaded guilty on Monday (Oct 17) and was convicted on five of the 17 charges brought against him by the Registry of Moneylenders, a department under the Ministry of Law.
These included failing to obtain documents to prove the income of a borrower and providing false information to the Registrar regarding the annual income of a borrower, said the registry in a statement issued on Wednesday (Oct 19).
Rajandran was the sole proprietor of the moneylending business Gauthamma Credit. His licence was not renewed after Sept 12, 2014.
Since 2011, 42 other licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act.
"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," said the registry in its statement, adding that regular checks were carried out on licensed moneylenders.
Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and can be jailed for up to two years on each charge.