SINGAPORE: A loanshark who was part of a transnational syndicate and operated from China, was sentenced on Friday (May 8) to four years’ jail and fined $600,000.
Name: XXX had earlier admitted to 20 of 60 charges for carrying on the business of unlicensed moneylending and helping to operate the illegal trade.
District Judge Siva Shanmugam said the offences involved meticulous planning and premeditation, while Deputy Public Prosecutor Kenneth Kee said a strong deterrent message was necessary for unlicensed moneylending offences, given that Singapore has zero tolerance for such activities and its harmful effects on society.
He also said that such offences are not just harder to detect, but often more serious.
XXX who, is unable to pay the fine, will serve a default sentence of six years and eight months in jail.