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Licensed moneylender fined for breaching regulations

A 34-year-old manager of a licensed money-lending company has been fined S$15,000 for furnishing false information to the authorities and granting a loan to a borrower that exceeded the prescribed limit.

SINGAPORE: A 34-year-old manager of a licensed money-lending company has been fined S$15,000 for furnishing false information to the authorities and granting a loan to a borrower that exceeded the prescribed limit.

Lee Zhe Kai, previously known as Kee Yong Hwa, a manager of 77 Moneylender Pte Ltd, was sentenced on Monday in the Subordinate Courts.

If he is unable to pay the fine, he will be jailed for five weeks.

In a statement on Monday, the Registry of Moneylenders said it had brought six charges against Lee.

Lee pleaded guilty and was convicted of two charges.

The remaining four charges were taken into consideration by the court for the purposes of sentencing.

The registry said 21 licensed moneylenders have been convicted and fined since 2011.

It also said it carries out regular inspections of licensed moneylenders.

The registry warned that enforcement measures will be taken against those found breaching money-lending laws.

The measures include suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions.

Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to S$40,000 and a jail term of up to two years on each charge. 

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