SINGAPORE - A licensed moneylender was convicted last Friday (Sept 16) for providing the Registry of Moneylenders with false information about two borrowers' incomes.
Tan Boon Nge, 61, was slapped with a $28,000 fine. He will be jailed for 56 days if he cannot pay up.
Tan is the sole proprietor of AS Shalihin Enterprise, which has held a moneylending licence since 2008.
In a statement on Tuesday (Sept 20), the Registry of Moneylenders, a department of the Ministry of Law, said that 41 other licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011.
Licensed moneylenders are required to verify borrowers' incomes before granting any loans.
They have to keep documentary evidence of borrowers' incomes, such as payslips, and must be able to produce those documents to the authorities if asked.
Those who break the law can be fined up to $40,000 and jailed up to two years on each charge. Errant moneylenders might also have their security deposits forfeited and their licences suspended or revoked.