Property agent charged with unlicensed moneylending

Property agent charged with unlicensed moneylending

Property agent Kenny Tay Ann Siang, 40, has been charged with three counts of unlicensed moneylending. -- ST PHOTO: WONG KWAI CHOW 

SINGAPORE - A property agent was charged in court with three counts of unlicensed moneylending on Thursday.

Kenny Tay Ann Siang, 40, stood accused of giving loans of $30,000 to three people in 2011 and 2012, charging them interest in excess of 230 per cent.

On one occasion in June 2011, Tay allegedly gave the loan to a 55-year-old, passing him the cash at the Jurong Point shopping mall.

Tay is said to have charged him interest of 236 per cent on the principle sum - demanding $101,000.

His other alleged victims were a 35-year-old woman, to an elderly lady of 71.

The court charged him under the Moneylenders' Act.

Tay posted bail of $30,000 and will re-appear in Court later this month.

If convicted, he will be fined between $30,000 to $300,000, jailed up to four years and receive up to six strokes of the cane.

The Straits Times/ S'pore                                     Published on Thursday, 2 April 2015                   By Danny Cheong                            Property agent charged with unlicensed moneylending