Yeong Siew Meng surrendered himself to the Singapore authorities in February 2024.
SINGAPORE – Just months after he became an illegal moneylender, a Singaporean man was charged with the offence in January 2016 but jumped bail later that year.
On Oct 3, the 49-year-old man was sentenced to three years and two months’ jail and a fine of $150,000. Yeong’s legal woes started in May 2015 when he found himself in need of money for his daily expenses.In June 2015, Ah Hai offered Yeong a job as a runner, promising him a monthly salary of $1,500. The prosecution said that Yeong started his own unlicensed moneylending business the following month, offering loans of between $300 and $2,000, each at an interest rate of 20 per cent. The loans were repayable on a daily or weekly basis.Instead, he would hand the loans to his debtors either in cash or through electronic funds transfer.
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