Housing agent arrested for unlicensed moneylending

SINGAPORE - Police have arrested a 40-year-old man for suspected involvement in unlicensed moneylending targeting HDB flat sellers.

Police believe the housing agent to have extended loans of $30,000 to each of the three persons who were in the process of selling their HDB flats.

On completion of the sale of their flats, these sellers had used the proceeds to repay their loans with interest rates between 233 per cent and 260 per cent.

The suspect will be charged in court on April 2.

First time offenders found guilty of carrying on the business of moneylending in Singapore without a licence, may be punished with a fine not less than $30,000 and not more than $300,000 and with imprisonment for a term not exceeding four years.