Latest news with #moneylending
Independent Singapore
04-07-2025
- Business
- Independent Singapore
Punggol HDB flat owner says debt collectors keep turning up at his house even though he didn't take any loan
Photo: Depositphotos/tang90246 SINGAPORE: A resident living at Block 666B Punggol Drive has revealed that he has been receiving repeated letters from licensed moneylenders, even though he never took out any loans. The resident, John, told Stomp that he had been receiving letters from various authorised moneylenders from April 2024 to as recently as June 2025. The letters alleged that he had outstanding debts amounting to over $10,000. John told Stomp, 'The thing is, I never borrowed money from anyone.' The Punggol resident said he only moved into the flat after purchasing it on September 7, 2023. It wasn't until later that he discovered it was likely that the loans could have been taken out by the previous owner of his unit. John's concerns escalated when his unit was visited by debt collectors while he was overseas. A video he shared shows two men knocking on his door and waiting outside. 'Although they were very professional and did not cause any disturbance, what would my neighbours assume?' he said. Debt collectors from different moneylending firms have visited his flat multiple times over the past year, each time searching for the unit's previous occupant. 'Once they realised that the previous owner had already sold the flat, they did not bother us anymore,' he explained. 'However, I'm not sure if there will be any others.' To protect himself and document the recurring issue, John lodged two police reports. He said he hopes the ordeal serves as a cautionary tale. 'Hopefully people do not try using our address again,' he told Stomp, adding that it's been a stressful experience for his household.
South China Morning Post
24-06-2025
- Business
- South China Morning Post
New rules may drive more low-income debtors in Hong Kong to unlicensed lenders
Taking loans from unlicensed money lenders in Hong Kong could become a bigger problem among low-income debtors, including domestic helpers, if the government's plan to regulate licensed operators overly restricts their borrowing, concern groups have warned. Advertisement The issue was raised on Tuesday a day after the Financial Services and Treasury Bureau launched a two-month public consultation on enhancing regulation on licensed money lending. Among the proposed measures, the government would set an aggregate cap on unsecured personal loans based on the borrower's monthly income. Those earning HK$5,000 (US$637) or less a month would not be allowed to borrow an amount exceeding their monthly income. The limit would be set at two months' income for people earning between HK$5,001 and HK$10,000. As an alternative plan, the authorities could also cap the debt ratio of a borrower's income. For those having a monthly income of HK$5,000 or less, the monthly repayment should not be more than 35 per cent of their income. The rate should be lower than 40 per cent for those earning between HK$5,001 and HK$10,000. According to the consultation paper, some low-income borrowers, such as foreign domestic helpers, were prone to excessive borrowing. Advertisement 'Some borrowers are unable to repay their debts, leading to their employers being harassed by money lenders and debt collectors, which causes a number of social problems,' the bureau said in its paper.
CNA
21-05-2025
- CNA
Ex-police officer who accepted bribes fled Singapore for more than 16 years before he was caught
SINGAPORE: In exchange for money and entertainment, a police officer leading a team against unlicensed money lending gave the operator of illegal gambling dens tip-offs on police operations. Koh Kian Tiong, who also goes by Mark Koh, was an Assistant Superintendent with the Singapore Police Force (SPF) at the time. After learning about the investigations into his offences, Koh stayed in China for more than 16 years and was only repatriated to Singapore last year after he committed offences there. On Wednesday (May 21), the 52-year-old Singaporean pleaded guilty to five out of 15 charges of corruption, and one charge of desertion. The remaining charges will be taken into consideration when Koh is sentenced. Koh joined the SPF in 1998. At the time of the offences, he was an Officer Commanding with the Anti-Unlicensed Money Lending Task Force of the Criminal Investigation Department (CID). In 2005, he was introduced to Chua Chin Hoe, who went by "Ah Hoe". Chua was notorious for operating several illegal gambling dens across Singapore. This involved customers who engaged in illegal gambling activities online. Between January 2006 and May 2007, Koh obtained money and free entertainment from Mr Chua in exchange for providing information on operations. KOH NEEDED MONEY FOR DIVORCE, BILLS Towards the end of 2005, Koh struggled to pay for legal bills for divorce proceedings. He approached a colleague who worked in the Secret Societies Branch for a S$15,000 (US$11,600) loan, but the colleague could not afford the sum. Koh then asked the colleague to see if Mr Chua could give him the money. The colleague was more acquainted with Mr Chua at the time. Mr Chua agreed to give Koh S$15,000, hoping to cultivate Koh into using his position as a senior police officer to help him. On Jan 21, 2006, Mr Chua handed the money to Koh without asking for repayment. Koh also did not repay the sum. As he was also struggling with credit card bills, Koh asked Mr Chua to help him with his S$24,000 credit card debt. The latter agreed. "The accused allowed himself to be cultivated by Ah Hoe, because the accused was living beyond his means and needed money from Ah Hoe to sustain his expenses," the prosecution said in court documents. Mr Chua passed Koh another S$16,000 over two occasions in 2006. That year, Mr Chua and Koh frequented bars and KTV lounges where the former would always pay for drinks and occasionally, tips to hostesses and singers. Eventually, Koh invited other CID officers, including his subordinates, to join these sessions, and Mr Chua would continue paying for the drinks. According to bank statements, Mr Chua paid at least S$27,000 in entertainment expenses relating to these sessions in 2006. The court heard that Koh invited Mr Chua to join him and his subordinates at a notorious KTV in late 2006 as Mr Chua was infatuated with a singer who worked there. "Ah Hoe paid for the officers' drinks because he wanted to continue to cultivate the accused, and because he wanted to cultivate other officers in CID, so that the officers would assist him with police-related matters as and when necessary, particularly in relation to Ah Hoe's illegal gambling dens. "The accused asked Ah Hoe to pay for the drinks for all the officers as the accused had been cultivated by Ah Hoe and was comfortable availing himself of Ah Hoe's hospitality," the prosecution said. Koh similarly invited other subordinates to further drinking sessions, exposing them to cultivation by Mr Chua. In exchange, Koh provided Mr Chua with information about gambling dens that may be subject to police action, but did not provide dates of raids. On at least one occasion, Koh helped Mr Chua check on an associate who was in police custody. In total, Koh introduced Mr Chua to at least five other police officers attached to CID who received free entertainment and alcohol. At least one of these officers accepted a cash bribe from Mr Chua and gave him a tip-off about an impending raid. In total, Koh received S$47,700 in gratification. WENT ON LEAVE AND NEVER RETURNED Koh travelled to Shanghai on Jul 9, 2007 after going on leave the same day. While in China, he learned about the Corrupt Practices Investigation Bureau's investigations against him and decided not to return to Singapore. On Jul 16, 2007, Koh was due to report for duty as a police officer but he did not show up. While in China, Koh committed offences which were not revealed in court documents. He was arrested and jailed. After he was released, Koh was repatriated to Singapore and arrested at Changi Airport on Apr 28, 2024. In total, he deserted his post for 16 years, nine months and 13 days. Koh has been in custody since he was arrested. Deputy Public Prosecutor David Menon argued for Koh to be jailed between nine and 11 years. "The accused held a very senior rank, as Assistant Superintendent of Police. In this position, he was entrusted with command over a team of officers. He was expected to lead by example, but he fell woefully short of these standards," said Mr Menon. "Worse, the accused abused his position as a senior police officer in CID by disclosing confidential operational information to Ah Hoe in the form of tip-offs, as well as helping Ah Hoe to check on one of his associates who was in police custody."
Yahoo
18-05-2025
- Business
- Yahoo
This Navy veteran wants to make it easier to lend money to family
Listen and subscribe to Warrior Money on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Sometimes the best way to build a successful business is to see where a company can make the biggest impact. This was Navy veteran Dennis Cail's philosophy when founding Zirtue, a money lending company that allows friends and family to lend money to each other with a better guarantee they'll get paid back. As Cail explained, the company's use of digital promissory notes creates a paper trail and sets up payment plans to ensure that money is paid back, eliminating the need for unfulfilled Venmo requests and payday loans with high interest rates. Cail credits his trajectory to the education he received at Southern Methodist University in Texas after four years in the Navy. Though the military was a foundational part of his experience, he said on Yahoo Finance's Warrior Money podcast that it was his education — partially paid for with the GI bill — that aided his journey as an entrepreneur. 'It's one thing to have the military experience, which gave me a lot of discipline, a lot of focus that I didn't have before,' he said. 'Once I got the education, that just opened my mind to all the opportunities and possibilities that were out there. And I started trying to use my God-given talents and skills to figure out how I can be helpful.' This embedded content is not available in your region. Now, Zirtue operates on the same principles by listening to consumers and trying to find solutions to their problems. 'Our whole mission is to drive financial equity and inclusion one relationship at a time, and we do that by simplifying loans between friends and family,' Cail explained. 'We have this whole model that we call partnership with purpose. So, OK, we're not going to force you to get a bank account. Maybe we can put you in a position where you can get the money you need to pay the bills you need now, and then graduate you into traditional bank accounts and credit products that work for you. But let's meet you where you are today.' Zirtue's efforts to meet customers where they are, including a partnership with MoneyGram that allows the 5.6 million Americans who don't have a bank account to use the service, have presented new opportunities for the company to grow and for customers to begin to get on their feet financially. The company has also expanded to offer a similar payment plan service to small businesses looking to get unfulfilled invoices paid — thereby helping many of them stay solvent. "We are basically allowing those companies to set payment terms with companies and consumers that owe them money versus writing those funds off," Cail explained. "And it essentially allows them to allow those vendors and or customers to pay over time, but at least they get to capture that as revenue versus writing it off." "I think once you figure out how to solve the problem of staying in business, you've really figured out how to grow your business," he continued. Each week, Warrior Money will dive into the financial topics that matter most to veterans and the broader public. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
18-05-2025
- Business
- Yahoo
This Navy veteran wants to make it easier to lend money to family
Listen and subscribe to Warrior Money on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Sometimes the best way to build a successful business is to see where a company can make the biggest impact. This was Navy veteran Dennis Cail's philosophy when founding Zirtue, a money lending company that allows friends and family to lend money to each other with a better guarantee they'll get paid back. As Cail explained, the company's use of digital promissory notes creates a paper trail and sets up payment plans to ensure that money is paid back, eliminating the need for unfulfilled Venmo requests and payday loans with high interest rates. Cail credits his trajectory to the education he received at Southern Methodist University in Texas after four years in the Navy. Though the military was a foundational part of his experience, he said on Yahoo Finance's Warrior Money podcast that it was his education — partially paid for with the GI bill — that aided his journey as an entrepreneur. 'It's one thing to have the military experience, which gave me a lot of discipline, a lot of focus that I didn't have before,' he said. 'Once I got the education, that just opened my mind to all the opportunities and possibilities that were out there. And I started trying to use my God-given talents and skills to figure out how I can be helpful.' This embedded content is not available in your region. Now, Zirtue operates on the same principles by listening to consumers and trying to find solutions to their problems. 'Our whole mission is to drive financial equity and inclusion one relationship at a time, and we do that by simplifying loans between friends and family,' Cail explained. 'We have this whole model that we call partnership with purpose. So, OK, we're not going to force you to get a bank account. Maybe we can put you in a position where you can get the money you need to pay the bills you need now, and then graduate you into traditional bank accounts and credit products that work for you. But let's meet you where you are today.' Zirtue's efforts to meet customers where they are, including a partnership with MoneyGram that allows the 5.6 million Americans who don't have a bank account to use the service, have presented new opportunities for the company to grow and for customers to begin to get on their feet financially. The company has also expanded to offer a similar payment plan service to small businesses looking to get unfulfilled invoices paid — thereby helping many of them stay solvent. "We are basically allowing those companies to set payment terms with companies and consumers that owe them money versus writing those funds off," Cail explained. "And it essentially allows them to allow those vendors and or customers to pay over time, but at least they get to capture that as revenue versus writing it off." "I think once you figure out how to solve the problem of staying in business, you've really figured out how to grow your business," he continued. Each week, Warrior Money will dive into the financial topics that matter most to veterans and the broader public. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
