SINGAPORE – A Singaporean has admitted to being a member of an unauthorized cross-border moneylending syndicate that netted him about $500,000 from 2006 to 2019.
On June 12, Ng Kwon Seng, 44, pleaded guilty to seven charges of operating an unauthorized money lending business.
The group primarily operated in China, but also provided loans to debtors in Singapore.
Mr Ng had been involved with the syndicate for 13 years, issuing loans with interest rates of 20%.
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.
Ng, who was based in China, was arrested at Changi Airport in November 2023.
Deputy Public Prosecutor Emily Coe told the court: “The investigation revealed that the defendant did not harass the debtor.
“This was done by 'Xiao Hu', who arranged for runners and debtors in Singapore to harass other debtors, including sending letters and painting units. Harassment included hanging clothes, writing graffiti on walls, and locking gates.
It all started in mid-2006, when Mr. Ng received a call from a former colleague offering him a job as an office support staff member in China for a salary of $2,000 a month.
Mr. Ng accepted the offer and flew to China to work for an unlicensed moneylending syndicate in which a person named Ah Leng was an investor.
Mr Koh of the Democratic Progressive Party said Mr Ah Leng was also known as “tua toke'', or “big boss'' in Hokkien, while another person known only by the name Lak Ya was also known as “toke'', or “big boss'' in the group. He said he was the “boss.”
Mr. Koh of the Democratic Progressive Party said: “The towing companies were 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, which he would call to solicit potential debtors.
For those who are interested in a loan, we mark this on an Excel spreadsheet so that Freddy can follow up and issue the loan.
Ng made about 150 calls a day and worked from 11 a.m. to 4 p.m. every day.
In January 2008, he was promoted to Assistant Aaron and given the special role of issuing loans of up to $2,000 to debtors residing in Singapore.
Six months later, Ng was promoted to Ah after Freddie left the Syndicate for unknown reasons.
Over the years, Mr Ng rose through the ranks, and in late 2014, after Mr Lak Ya left the syndicate, Mr Ah Leng promoted him to towman.
As a tugboatman, Ng earned between $10,000 and $12,000 a month.
After Ani was arrested, he quit the moneylending business in 2019. Court documents do not clarify whether the latter was arrested in Singapore or abroad.
Mr. Ng then remained in China and worked as a sales manager for an alcoholic beverage company until June 2023.
He then planned to take his two daughters, aged six and 11, to Singapore to continue their education, but was arrested at Changi Airport on November 1, 2023.
He is scheduled to be sentenced on June 21st.
