SINGAPORE, April 4 — A man who climbed from a low-level loan shark runner to a syndicate “towkay” has been jailed for four years and two months and fined S$1 million (RM3.13 million) in Singapore, after raking in more than S$1 million from illegal lending operations spanning the republic and beyond.

According to Shin Min Daily News, Tan Keng Wee, 49, spent over a decade rising through the ranks of an unlicensed moneylending (UML) syndicate, eventually overseeing multiple “stalls” remotely from China while the group generated up to S$5.2 million in profits.

Tan began in 2003 earning S$1,000 a month as a runner, before moving up within a year to an “assistant loan shark” role handling administrative work such as recording debts and answering calls. 

Six months later, amid a crackdown by Singaporean authorities, the syndicate’s mastermind, known as “Ah Ren”, shifted operations to Malaysia, with Tan following.

He was promoted again to manage a “stall” with about 80 to 100 debtors, while directing runners in Singapore. His pay rose to S$1,500 monthly plus 20 per cent of the stall’s profits.

The operation soon went regional. Between August and September 2005, Tan relocated with “Ah Ren” to Bangkok and later Shenzhen, where he continued running the business remotely. From China, he hired Singaporeans to carry out local lending and enforcement activities.

To evade detection, the syndicate relied on prepaid SIM cards registered under other people’s names, which were bought in Singapore and mailed to China. 

Tan also recruited struggling debtors as runners, directing them to harass defaulters — including splashing paint on homes and locking doors.

By 2009, Tan had been elevated to “towkay” status and given funds to open new UML “stalls”. 

By 2016, he controlled eight such operations involving at least 700 debtors. Interest rates ranged from 15 to 20 per cent, but could spike to as high as 40 to 50 per cent for late payments.

Authorities received 1,529 reports linked to his operations between 2006 and 2019, mostly involving harassment and intimidation.

Court details showed Tan used more than S$180,000 of his illegal earnings to service the mortgage of a S$1.2 million executive condominium bought in 2014 for his family.

The syndicate began to unravel in 2019 when “Ah Ren” was arrested in China and extradited to Singapore. 

Tan halted his activities in June that year and remained in China until returning to Singapore to surrender in 2025.

He faced 16 charges, including offences under the Moneylenders Act and the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act. 

He pleaded guilty to six charges on April 2, with the remaining taken into consideration.

If he fails to pay the S$1 million fine, Tan will serve an additional 50 weeks’ jail in default.