An errant licensed moneylender has been fined $29,000 for breaching regulations under the Moneylenders Act and Rules.

Rajandran Suppiah, 53, pleaded guilty on Monday 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 independent and reliable documents to prove the income of a borrower and providing false information to the Registrar on the annual income of a borrower, the registry said in a statement yesterday.

Rajandran was the sole proprietor of moneylending business Gauthamma Credit, which held a moneylending licence from July 2010 to September 2014, after which the licence was not renewed.

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, adding that regular checks are 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.