Former Lawyer Cleared of All Charges in Controversial Illegal Moneylending Case

In a surprising turn of events, former lawyer Leong Pek Gan, aged 70, has been completely exonerated from all 14 charges related to her alleged involvement in an illegal moneylending operation in Singapore. Following a pre-trial conference on October 22, the court granted her a discharge equivalent to an acquittal, ensuring that she cannot be retried for these offences.

The Attorney-General’s Chambers (AGC) disclosed on October 24 that Ms. Leong was originally charged in September 2019 under the Moneylenders Act, among other allegations. The AGC explained that after thorough assessment of the facts and circumstances surrounding the case, they opted for a stern warning rather than pursuing a prosecution, which led to the application for her discharge.

Ms. Leong was part of a group facing charges beginning on September 26, 2019, related to a purported illegal moneylending scheme that operated between 2012 and 2014. At the time of the alleged offences, Ms. Leong was actively practicing law.

She was specifically accused of assisting Invest-Ho Properties, a company allegedly engaging in unlawful moneylending activities, by drafting and executing documents that secured property loans. These loans, totaling approximately $2 million, were extended to eight borrowers and were tied to various properties, including Housing Development Board flats in Bukit Batok, Jurong West, and Tampines, as well as a landed property located in Sembawang.

Additionally, Ho Soo Fong, aged 67, who was the majority shareholder and director of Invest-Ho Properties, was also charged. Reports indicated that Ho consented to the extension of loans despite the company's lack of a valid moneylending license. As of October 2024, records indicated that Ho is no longer listed as a director at Invest-Ho Properties, while his legal situation remains unresolved.

This case sheds light on the complexities surrounding moneylending practices in Singapore, raising questions about regulatory enforcement and legal accountability in the financial sector. With a background in law, Ms. Leong's involvement adds a layer of intrigue to this ongoing saga.

What does this mean for the future of moneylending laws in Singapore? Stay tuned as we continue to follow developments in this concerning story!