Real estate director jailed and fined for unlicensed moneylending

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http://www.straitstimes.com/breaking-news/singapore/story/real-estate-director-jailed-and-fined-unlicensed-moneylending-20130605

The director of a James Lee Realty was jailed for three months and fined $160,000 on Wednesday for unlicensed moneylending offences.

Lee Pit Chin, 45, was fined another $314,000 for granting unsecured loans to borrowers and knowingly or recklessly furnishing false returns to the Registrar of Moneylenders while he was a licensee of James Lee Credit. This is the highest for given to licensed moneylender since 2011.

He pleaded guilty last Friday to two counts of operating a moneylending business when he had no licence in 2011. He had instructed his office worker, Yan Hwee Onn, 50, to disburse loans of $28,500 and $15,000 to two borrowers, charging them an interest rate of 10 per cent a month.

Lee, a science graduate from the National University of Singapore, had also admitted to 30 other offences of breaching the Moneylenders Rules and the Moneylenders Act brought by the Insolvency and Public Trustee's Office (Ipto).