KUALA LUMPUR: The police have crippled two illegal money lending syndicates with the arrest of 44 individuals, including leaders of the syndicates, in several operations in Selangor, Negeri Sembilan, Melaka and Pahang last Tuesday.
Bukit Aman Commercial Criminal Investigation Department director Datuk Mohd Kamarudin Md Din (pix) said the arrest of the suspects, aged between 16 and 54, also led to seizure of 17 vehicles, 107 mobile phones, 55 ATM cards, 27 cheques, 17 laptops and cash of RM732,000.
“Those arrested comprise 43 men and a woman, all locals, and early investigation by the police found that the syndicates started operating early last year by targeting on traders, government and private sector employees by offering loans with interest rates of between 10 and 30 percent a week.
“Borrowers who fail to make repayment will be pressured and threatened,“ he said in a statement today.
Mohd Kamarudin said following the arrests and seizures, 13 investigation papers were opened, among others, under Section 5 (2) of the Money Lenders Act 1951 for carrying out money lending activities without a license, Section 29 (B) of the Money Lenders Act 1951 for helping to carry out money lending activities without license and Section 506 of the Penal Code for criminal intimidation.
He advised the public not to be fooled and always be vigilant with advertisement of offers of financial loans and to only make financial loans with licensed companies.
“People can check the licensed money lending companies on the website of the Ministry of Housing and Local Government at www.kpkt.gov.my,“ he said. — Bernama