SINGAPORE - A property agent was charged in court with three counts of unlicensed moneylending on Thursday.
Kenny Tay Ann Siang, 40, stood accused of giving loans of $30,000 to three people in 2011 and 2012, charging them interest in excess of 230 per cent.
On one occasion in June 2011, Tay allegedly gave the loan to a 55-year-old, passing him the cash at the Jurong Point shopping mall.
Tay is said to have charged him interest of 236 per cent on the principle sum - demanding $101,000.
His other alleged victims were a 35-year-old woman, to an elderly lady of 71.
The court charged him under the Moneylenders' Act.
Tay posted bail of $30,000 and will re-appear in Court later this month.
If convicted, he will be fined between $30,000 to $300,000, jailed up to four years and receive up to six strokes of the cane.