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Illegal Money Lending: Businessman Fined RM350,000

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A member of the Parents and Teachers Association of a vernacular school in Melaka was fined RM 350 thousand, in default 30 months’ jail, by the Ayer Keroh Sessions Court, after he was found guilty of engaging in illegal money lending business.

Judge Norma Ismail meted out the fine on Pang Siew Chan, aged 48, after finding that the defence had failed to raise reasonable doubts against the prosecution’s case.

The businessman was charged with committing the offence by lending RM 10 thousand to 63 year old Ng Yew Mot, without a valid licence.

The accused committed the offence at a food stall in Cheng Baru in October 2013.

The charge, under the Moneylenders Act, provides a fine of between RM 250 thousand and RM 1 million, if found guilty.