Real estate boss' jail term upped

A real estate company director who ran an unlicensed moneylending business will now have to spend six more months in jail.

The High Court on Thursday increased the jail term handed down to Lee Pit Chin, 45, from three to nine months, following an appeal by the prosecution.

Lee's employee, Yan Hwee Onn, had mooted the idea of giving loans at a monthly interest rate of 10 per cent to potential sellers of HDB flats who needed cash. Lee agreed to provide the capital and received 90 per cent of the interest.

 


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