Man who provided $57k in loans to be charged with unlicensed moneylending

A 60-year-old man will be charged in court on Friday (May 29) for his alleged involvement in unlicensed moneylending activities.

He faces 22 counts of conducting a moneylending business without a licence.

Police said in a news release on Thursday night that they were alerted to a case of unlicensed moneylending on April 21, 2025 after a debtor was harassed by a loan shark for repayments.

They established the identity of the man through follow-up investigations and later arrested him. 

Preliminary investigations revealed that the man had provided a total of $57,000 in loans to at least ten borrowers in Singapore between June 2023 and October 2025. The loans ranged from $500 to $11,000.

If found guilty of the said offence, the man could be jailed for up to four years, fined up to $300,000, and receive up to six strokes of the cane.

Police reminded members of the public to stay away from loan sharks as they will not hesitate to carry out persistent and dangerous harassment acts on debtors and their families, such as setting fires, splashing paint at residences, and locking the gates using chains or bicycle locks to confine the occupants.

They are also advised not to work with or assist loan sharks in any way.

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editor@asiaone.com