I was looking for licenced moneylender in Singapore and i saw a website from credit 89 moneylender and i input my details and loan amount. The next morning i received a whatsapp message from a guy named SAM claiming that he is from credit 89. I provided him copy of last 3 months bank statement and CPF contribution statement and photos of my ic. I informed him that i wish to loan $35k.

I was then informed by Sam that i am required to upfront pay admin fee of 10% which is $3.5k. He suggested that i pay whatever amount i have first to secure a loan first. I transferred him $2k to secure a $20k loan first to a POSB bank account provided by him. However, I did 2 separate transactions of $1k each to the account which he say it is incorrect as it cannot be split and the bank required me to do another transfer of $2k in a single transaction. I then transferred him another $2k. 

The next day he whatsapp-ed messaged me again that the bank will be transferring me $37k ($35k loan amount plus the refunded $2k which i initially transferred incorrectly). He then informed me that i am required to transfer him the remaining $1.5k admin fee which i did transferred. After which, Sam informed me that the bank will be transferring me $40k instead as the bank is only able to transfer amount ending with $5000s denomination. He even showed me a screenshot of a successful posb bank transaction of the $40k transferring to my bank account which funds will be available after 2 working days. He informed that i am required to transfer him $3k immediately if not the bank will stop the transaction. I then transferred him. I called POSB the next day but was informed that there is no pending $40k incoming to my account. Sam informed that the bank had stopped the transaction.

2 days later, Sam whatsapp message me again to inform that they have received a government lawyer that his company had been fined $5k and i need to pay upfront and refunded to me later. Subsequently i paid another $8k more as informed by his company’s manager CK Tan to make sure the loan will be successfully. I had also spoken to their boss named Kong. 

I realised that this is a scam when i called up the law firm and was informed that they never issued this letter before and they had also received many feedbacks from other people receiving similar letters like this from other moneylenders including credit 89. I had also called up the credit 89 main line from the list of licenced moneylender from MinLaw and was informed that they have received before feedback of a scam involving personnel posing as credit 89 staff. In total we had transferred $18.5k to this company which we have not received back or received the loan amount.

Editor's note: Scammers can impersonate real moneylenders by creating websites using their names. Before visiting a licensed moneylender’s website, you are also strongly encouraged to verify the website address using only the list of licensed moneylenders found below.

To ensure that you are speaking to a real licensed moneylenders, only contact them via the contact details shown in this list: https://rom.mlaw.gov.sg/files/ML%20Lists/MLs%20listing%20as%20at%2001Feb2021%20-%20updated.pdf