Category Archives: loan shark

loan sharks

Loan Sharks Tactics in Singapore (2017 Update)

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Loan sharks tactics in Singapore – What you need to know  Loan sharks are unlicensed moneylenders who issue loans illegally. They often lend money on unfair terms which have exorbitant interest rates. The loan sharks do not abide by the law and use violent and unscrupulous tactics. To give loan and recover money owed. They try […]

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Moneylender review - Ex-UOB Staff jailed for selling customer details to loanshark

Ex-UOB staff gave details to loanshark

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A former compliance officer at United Overseas Bank (UOB) was sentenced to 12 weeks’ jail. This was for giving customers’ details to an unlicensed moneylender. Koh Chee Tong, 30, faced four charges under the Computer Misuse and Cybersecurity Act. He previously pleaded guilty at his trial on Nov 25 last year. In November, the court found that Koh […]

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Moneylender review - Man illegally sold and registered SIM cards to unlicensed moneylenders

Man illegally registered SIM cards

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A man flooded the market with more than 66,000 illegally registered SIM cards. He is sentenced to four years’ jail on Thursday (Jul 21). Tan Kong Chieh, 42, pleaded guilty to 220 counts under the Computer Misuse and Cybersecurity Act. He used the stolen identities of foreign nationals to falsely register 66,445 SIM cards between January […]

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Moneylender Review - Money for needy stolen by MSF employee

Money meant for needy stolen

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His job involved disbursing money to low income families in need of financial help. But a Ministry of Social and Family Development (MSF) employee allegedly transferred the money to his own bank accounts. He then use the money to pay off his debts and lead a lavish lifestyle. In addition, he also repaid his debts, amounting to about $13,000, to several licensed moneylenders. Furthermore […]

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Credit Review - Suspects arrested for loansharking activities

Loansharking activities, suspects arrested

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The police have arrested 27 people, aged between 24 and 66, for their suspected involvement in loansharking activities. During the three day operation, officers conducted raids at multiple locations in Singapore. During initial investigations the four suspects are believed to be runners. They have assisted the loansharks in their business by carrying out Automated Teller Machine (ATM) transfers, […]

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