A man has become the first borrower of a licensed lender to be convicted and fined for providing false information to the Registry of Moneylenders.
Mohamed A'mirah Abdul Wahab, 60, approached the registry about a loan he had taken out with Credit 88 and accused the company of falsifying his payslips.
But further investigations revealed his accusations were false and that the payslips had in fact been produced and submitted by him.
He later admitted that he made up the claims to cover up the fact that he had under-declared his annual income to the Inland Revenue Authority of Singapore.
Mohamed pleaded guilty on Aug 12 and was convicted on one charge of knowingly giving false information to the registry, which oversees licensed moneylenders in Singapore.
He was fined $6,000, a statement from the Insolvency and Public Trustee's Office said on Tuesday. His offence was a breach under Section 25(4)(a) of the Moneylenders Act.
The statement added: "The registry takes an equally tough stance against errant licensed moneylenders and borrowers who knowingly or recklessly furnish false or misleading information to the registrar or an authorised officer."
Individuals who do so face a fine of up to $30,000 and/or a jail term of up to 12 months upon conviction.
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