Latest news with #MoneylendersAct
New Straits Times
3 days ago
- New Straits Times
Cops nab three Ah Long with 24 ATM cards
SEREMBAN: Police arrested three suspected unlicensed money lenders, also known as "Ah Long," yesterday as part of an operation in the city. The men, aged 38 to 45, are believed to be part of a syndicate that actively found customers, put up posters, and ran unlicensed lending activities in and around Seremban. Police seized two vehicles, eight mobile phones, 24 ATM cards, 35 sets of borrower documents, five copies of identification cards, a Malaysian passport, and photos of borrowers who did not repay their loans. Seremban police chief Assistant Commissioner Mohamad Hatta Che Din said the operation was launched following intelligence and information gathered by the Commercial Crime Investigation Department (CCID). He said the case is being investigated for unlicensed money lending under Section 5 (2) of the Moneylenders Act, which carries a jail term of up to five years, a fine of up to RM100,000, or both. Mohamad Hatta advised the public to be cautious to avoid becoming victims of unlicensed money lenders.
Straits Times
6 days ago
- Straits Times
Jail, caning for loan shark who provided illegal loans despite having a legal moneylending business
Sign up now: Get ST's newsletters delivered to your inbox Jason Pang Kum Huat gave three debtors illegal loans as he knew they would be blacklisted by legal moneylenders. SINGAPORE - Though he had a legal loan company, a man decided to act as a loan shark and provided illegal moneylending services to three debtors. On Aug 13, Jason Pang Kum Huat, 44, was sentenced to 16 months' jail, nine strokes of the cane, and a fine of $40,000. He had pleaded guilty to two offences under the Moneylenders Act and one charge of possessing an offensive weapon in public. Two other Moneylenders Act charges were taken into consideration for his sentencing. Deputy Public Prosecutor Susanna Yim said Pang had a legal loan company but did not name the firm. Accounting and Corporate Regulatory Authority records show that Pang is currently a director of five companies, including Sentinel Financial Credit and Enforcement Debt Recovery. In June 2024, three debtors – Mr Tan Boon Hua, Mr Tan Ah Seng and Mr Tan Kok Ann – contacted Pang to borrow money. Pang decided to provide illegal loans to them as he knew their creditworthiness was not good and that they would be blacklisted by legal moneylenders. Mr Tan Boon Hua and Mr Tan Ah Seng each took a loan of $2,000, while Mr Tan Kok Ann loaned $1,000, all at the interest rate of 20 per cent. The next month, Pang was upset that Mr Tan Kok Ann had not paid his debts. Passing by an open carpark around Block 835 Jurong West Street 81, he decided to randomly splash three cars with paint thinner and paste a debtor's note on their windscreens. DPP Yim said Pang had targeted these cars because they did not have in-car cameras. According to court documents, one of the car owners contacted the police, reporting that their car had be en vandalised by a loan shark, even though they had not taken out any loans. Pang later paid the car owner $1,000 for repairs. He was traced and arrested on July 26, 2024. On the day of his arrest, police officers searched his car and found an extendable baton, which he admitted belonged to him and was for his own use. DPP Yim called for him to be jailed for 17 months, given nine strokes of the cane, and fined between $30,000 to $50,000. She noted that Pang had been convicted of an illegal moneylending offence and sentenced to seven years' corrective training in 2009, which meant he is liable for enhanced punishment.
Scoop
10-08-2025
- Business
- Scoop
Predatory Moneylenders Allegedly Targeting Regional Residents
Allegations have surfaced of a predatory moneylending scheme in Fiji that is allegedly targeting regional workers and students from other Pacific Island countries, exploiting their financial vulnerabilities while charging interest rates far above the legal limit. In a particularly concerning case registered with the Consumer Council of Fiji, a regional worker living in Fiji reported seeking a loan late last year and borrowing approximately $5,000 from a husband-and-wife lending team. As a condition for the loan, the lender confiscated the borrower's bank card in October 2024, a practice strictly prohibited by law, and did not return it until the Council intervened. Between January and June 2025, the lender withdrew a total of $17,490 from the borrower's account. When the Council requested records to justify these deductions, it was discovered that the moneylender was not keeping any proper documentation of loans or repayments, in breach of mandatory record-keeping requirements. During its investigation, the Council also found that while the wife held a valid licence under the Moneylenders Act, her husband was not authorised to conduct lending. Despite this, he was allegedly posing as a registered moneylender, distributing his own business cards, and dealing directly with clients. Further inquiries revealed that borrowers in such cases were being charged 40% interest per month, despite the law capping the maximum rate at 12.5% per annum. The alleged targeting of regional workers and students appears calculated, with the lenders exploiting situations where individuals face delayed remittances from home or other financial setbacks, later demanding excessive repayments once those funds arrive. Consumer Council of Fiji Chief Executive Officer Seema Shandil strongly condemned the alleged practices. She said this case was a stark reminder of how opportunistic and exploitative some operators can be, particularly towards those who have come to Fiji in search of education or employment. 'Many of these individuals are far from home, with limited support networks, making them easy prey for illegal and unethical moneylending. The Council will not stand by while vulnerable consumers are trapped in cycles of debt by those who deliberately flout the law. We will continue to expose and refer such cases for enforcement action, and we urge anyone affected to come forward,' she said. The Council's investigation is ongoing, and the matter will be referred to the relevant agencies for further action, if required. Consumers are reminded to exercise caution when borrowing numbers to anyone. Awareness of the legal interest rate limits is crucial in avoiding exploitation. The Council encourages all consumers who feel that they may have been exploited or are struggling to repay after engaging with a moneylender, to lodge a formal complaint. The Council can assist in seeking redress, or a debt restructure, and ensuring that your rights as a consumer are protected. The Council can be reached via its toll-free National Consumer Helpline 155, or through Complaints@
Straits Times
30-07-2025
- Business
- Straits Times
Jail for man who helped loan sharks borrow $800,000 from financial institutions, including DBS
Sign up now: Get ST's newsletters delivered to your inbox Mitchell Goh Mia Chiu, 54, was sentenced to 32 months' jail after he pleaded guilty. SINGAPORE – While facing financial difficulties, a man decided to help loan sharks obtain loans from financial institutions, in exchange for money. Through his complicity, the unlicensed moneylenders received $800,000 from two financial institutions, including DBS. The financial institutions only realised something was wrong when the bulk of the loans went unpaid. On July 30, Mitchell Goh Mia Chiu, 54, was sentenced to 32 months' jail after he pleaded guilty to two cheating charges, transferring the benefits of criminal conduct, and an offence under the Moneylenders Act. Another charge under the same Act was taken into consideration for his sentencing. The court heard that in April 2023, Goh took a $500 loan from unlicensed moneylenders he saw on social media as he was in financial difficulty. To get more money, he agreed to give his particulars to the loan sharks to register a company, Rhino Technology, which would be used to obtain loans from financial institutions. As part of this arrangement, Goh – as the firm's registered director – would receive 2 per cent of the loan amounts. In May that year , the unlicensed moneylenders made a loan application of $300,000 to payment institution Xfers. The application was accompanied with forged supporting documents suggesting that Rhino Technology had rented an entire office for its company operations. Goh was instructed by the illegal moneylenders to book a conference room in the office, where he met the Xfers representatives to confirm the loan agreement. The sum was disbursed into Rhino Technology's bank account in May, but it defaulted on the loan repayment the next month. Suspicious, Xfers conducted further checks and discovered that the supporting documents had been forged. The second loan application of $500,000 was made to DBS bank in June 2023, similarly accompanied with forged bank statements. Goh also met a DBS relationship manager at the office conference room which he booked beforehand, and was paid $2,000 for doing so. After getting the loan, Rhino Technology only paid monthly instalments of $10,199 to DBS from July to November 2023. The outstanding amount of $465,000 was left unpaid. Both DBS and Xfers did not recover any of their lost sums. Goh also helped the loan sharks with other tasks, such as withdrawing $84,999 in cash from an OCBC bank outlet at Toa Payoh and passing it to a runner. He got $1,500 as a reward. In May 2024, another unknown unlicensed moneylender asked Goh to splash coffee at a borrower's front door and paste a debtor's note there, in exchange for $100. Deputy Public Prosecutor Ryan Lim called for Goh to be sentenced to between 35 and 36 months' jail, and highlighted the sophistication of the cheating offences. The prosecutor said using false documents to induce institutions to provide credit and financing undermines the confidence of the financial industry in such instruments. However, DPP Lim acknowledged that Goh was not the mastermind and was operating at a lower level in the scheme.
