Largest loan shark ring busted, couple held

The police have also identified 320 borrowers, involving loans of RM5 million with profits in excess of RM1 million.

KUANTAN: The police have busted an illegal money-lending syndicate (loan sharks), the country’s largest so far, with the arrest of a husband and wife and nine men in five separate raids in Kuantan on Monday.

Bukit Aman Commercial Crime Investigation Department deputy director Hamza Taib said the suspects were arrested in raids which began at noon in two houses near Galing, two restaurants at Indera Mahkota, and a petrol station in Semambu.

Hamza said initial investigations revealed that the syndicate had been active since 2009, and gave out loans to borrowers in Pahang and Terengganu.

“The police have also identified a total of 320 active borrowers of the syndicate, involving loans amounting to over RM5 million with profits in excess of RM1 million.

“Investigations also revealed the couple was behind the syndicate,” he told a press conference at the Kuantan district police headquarters here, today.

He said the police also seized a number of items including automated teller machine (ATM) cards owned by the various individuals, a safe containing cash amounting to RM40,000, documents with borrowers’ details, several mobile phones, laptops, and five cars believed to be used by the suspects.

However, he said the total value of the items seized were still under investigation, and police were completing the investigation papers.

Hamzah added that one of the suspects was also found to have a criminal record related to drug abuse.

All the suspects, aged between 18 and 41, were now remanded until October 12 to assist with investigations under Section 5(2) of the Moneylenders Act.

– BERNAMA