Housing agent arrested for suspected involvement in unlicensed moneylending to HDB flat sellers

SINGAPORE — A 40-year-old housing agent has been arrested for his suspected involvement in unlicensed moneylending targeting Housing and Development Board flat sellers.

Police said today (April 1) that the suspect had loaned S$30,000 each to three persons in the process of selling their flats. The sellers later had to repay their loans after completing the sale of their flats at interest rates of between 233 per cent and 260 per cent.

The suspect will be charged in court tomorrow for offences under the Moneylenders Act 2010 (Revised Edition). First time offenders found guilty of carrying on the business of moneylending in Singapore without a licence may be punished with a fine of between S$30,000 and $300,000 and with imprisonment up to four years.