Errant licensed moneylender fined for providing false information

The Registry of Moneylenders (ROM), a division of the Insolvency & Public Trustee's Office, brought charges in the Subordinate Courts on January 16, 2012 against Tan Wee Teck, a director of licensed moneylending company, Swift De Credit Pte Ltd.

Tan's moneylending licence had not been renewed in December 2010 in view of the investigations against him.

A total of seven charges were preferred against Tan. Of these, five relate to offences under Rule 9(2) of the Moneylenders Rules for granting loans without having received duly completed application forms.

On January 30, 2012, Tan pleaded guilty to and was convicted on three charges: one charge of recklessly providing false information to the Registrar in breach of section 24(7) of the Moneylenders Act and two charges of granting loans without having received from the borrowers duly completed application forms in breach of Rule 9(2) of the Moneylenders Rules.

Tan has been convicted and sentenced with a $22,000 fine for providing false information and granting loans without having received completed application forms.

ORIGINAL SOURCE
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