SINGAPORE – A Singaporean national who was part of an unauthorized cross-border moneylending syndicate was sentenced on June 21 to four years and three months in prison.
Ng Kwon Seng, 44, who made about $500,000 in profits between 2006 and 2019, was also ordered to pay a $495,000 fine.
If he fails to pay the fine, he must spend a further 33 weeks in prison.
On June 12, Mr. Ng pleaded guilty to seven charges of engaging in an unauthorized money lending business.
The group primarily operated in China, but also provided loans to debtors in Singapore.
In the proceedings so far, Deputy Public Prosecutor (DPP) Emily Koh told the court that the investigation revealed that Mr Ng had not harassed the debtor.
“This is due to ‘Xiao Fu’ who arranges for runners and debtors in Singapore to harass other debtors, including sending letters, spraying paint on units, graffiti on walls, etc. This included harassment such as locking the gates,” she said. .
Ng, who was based in China, was involved in the syndicate for 13 years, making loans at 20% interest.
He was entitled to receive up to 20% of profits from July 2008 to the end of 2014, and up to 60% from the end of 2014 to 2019.
His involvement with the group began in mid-2006 when he received a call from a former colleague offering him a job as an office support staff member in China for a monthly salary of $2,000.
Ng accepted the offer and began working for an unlicensed moneylending organization.
A person named Ah Leng was the investor. Ani was also “tua toke'' in Hokkien, meaning “big boss.'' Another person, known only as Rak Ya, was the group's “tugman,” or “boss.”
Mr. Koh of the Democratic Progressive Party said: “The towing company was responsible for managing the operations of various ‘aaron’s,” or unlicensed moneylenders. At the same time, there were several other tugboats working for Ah Ren.
“(N) thus began working for the syndicate from an apartment in Shenzhen, China, in mid-2006, assisting 'Oh So Long', known as Freddie, in recruiting debtors from Singapore.”
Ng was given a database of contact numbers to call and solicit potential debtors.
