SINGAPORE - A man was fined $162,000 on Friday for flagrantly flouting rules under the Moneylenders Act.

Chuah Kim Tiong Eric, 41, had committed the offences as director of Moneyline Express during the two years from Nov 14 in 2008 to Nov 13 in 2010, when the firm held a moneylending licence. The firm is no longer in operation.

Moneyline Express had been found guilty of knowingly furnishing false information in its quarterly statements to the Registrar of Moneylenders and failing to issue receipts and statements of accounts. It was also found to have granted unsecured loans exceeding the borrowing limits of customers.

The breaches were found after regular inspections by the Registry. A total of 95 charges were brought against Chuah in Dec 8 last year.

In total, Chuah was convicted of 32 charges by the State Courts. He is the 33rd licensed moneylender to be convicted and fined since 2011. If Chuah defaults on the fine, he will be jailed 39 weeks and 66 days.

Those convicted of breaches of the Moneylenders Act and Rules can be fined up to $40,000 and jailed up to two years on each charge.