The police have arrested a property agent for suspected unlicensed money lending practices targeted at HDB flat sellers, media reports said.
Officers from the Tanglin Police Division acted upon receiving information and carried out investigations on the agent allegedly involved.
“He is believed to have extended loans of $30,000 to each of the three persons who were in the process of selling their HDB flats,” the police said in a statement.
“On completion of the sale of their flats, these sellers had used the proceeds to repay their loans with interest rates between 233 percent and 260 percent.”
The 40-year-old suspect will be charged in court today for offences under the Moneylenders Act. First time offenders found guilty of engaging in unlicensed money lending here may be imprisoned for up to four years and fined up to $300,000, the police said.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
