A district court heard yesterday that this was the illegal proceeds of Khoo Joo Huat, the boss of four illegal moneylending businesses.
Noting that this was one of the rare cases when someone high up in the chain of a loan shark syndicate had been apprehended and charged, District Judge Eddy Tham said a strong message had to be sent to deter such offenders.

He sentenced Khoo, 39, to five years and five months in jail, a fine of $300,000 and 21 strokes of the cane.
More than $630,000 in cash, deemed to be illegal proceeds, were also ordered to be seized. This included the $454,000 found in safes in a hidden room behind a secret door at the back of a wardrobe.
Court documents offered a peek into the role of the loan shark boss.
In 2003, Khoo started his criminal career by collecting payments for an illegal moneylender identified only as Ah Kau.
When his boss was arrested two years later, Khoo took over.
Two years later, he roped in Koh Chew Hwee, who was unable to settle his loan, to be his runner. Under his direction, Koh later set up his own moneylending business, with Khoo managing the database of debtors and financial records.
Khoo oversaw four such businesses by the time he was arrested in January.
Every day, he would send text messages to his henchmen informing them of the daily collection targets, the identities of the debtors and the amounts owed.
If someone wanted to borrow money, the borrower’s address, identity card number and loan amount would be sent to him by text message for his approval.
In all, he committed 122 offences, comprising seven offences of ordering the harassment of debtors, six charges of money laundering and the rest for approving loans or demanding repayment.
For granting an illegal loan, he could have been jailed up to four years and fined up to $30,000. For money laundering, the maximum punishment is a seven-year jail term and $500,000 fine.
The maximum penalty for harassment is a five-year jail term, $50,000 fine and six strokes of the cane.
ORIGINAL SOURCE
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