Man charged after allegedly setting up company and bank accounts for unlicensed moneylender

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SINGAPORE — A 54-year-old man who allegedly set up a company and two corporate bank accounts for an unlicensed moneylender in exchange for having his debts written off was charged on Wednesday (Dec 22).

Leo Shiou Juangq is believed to have responded to a text message from an unlicensed moneylender known as Max in 2018 and ended up borrowing money from him, the police said in a release on Wednesday.

"Criminal proceeds of at least US$204,901 were allegedly channelled through the accounts," said the police. For this offence under the Companies Act, Leo faces up to 12 months' jail and/or a fine of up to S$5,000 if convicted.

 

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