Maids fall victim to Indian loan shark in Singapore
Man, 31, charged with unlicensed moneylending; alleged to have lent S$26,000 to over 30 foreign workers, charging 20% monthly interest
Singapore police have charged a 31-year-old Indian man who allegedly lent money to more than 30 maids and foreign workers – levying interest up to 20% a month – with unlicensed moneylending.
After reports filed by citizens in August, police learned of an Indian suspected of illegal money-lending activities in the Tanjong Katong area, Shin Min Daily News reported.
Police arrested the suspect on September 3 at a shopping center on Paya Lebar Road. Cash totaling S$2,889 (US$2,135), an ATM card, a DBS i-banking token, plus a mobile phone were seized from him.
Preliminary inquiries by police suggest the man had lent a total of S$26,000 to more than 30 maids and foreign workers with a 20% monthly interest, Lianhe Wanbao (Singapore) reported.
Under Singapore laws, people convicted of illegal moneylending face a fine from S$30,000 to S$300,000, up to four years in jail, plus up to six strokes of the cane.