Penang cops arrest 8 in loan shark gang bust

BALIK PULAU – Police busted a loan shark gang following the arrest of eight men for offering loans without a licence in a Bayan Lepas raid on Friday.

Barat Daya district police chief Kamarul Rizal Jenal said the eight men, who are in their 20s to 30s, were detained by a team from the Penang Commercial Crime Investigation Department together with the Barat Daya district police headquarters, based on intelligence and public information.

“Based on the preliminary investigation, apart from offering loans without a licence with high interest, they also threaten victims who failed to repay the loan,” he said when contacted today.

He said following the arrest of the eight men, police confiscated 19 mobile phones, 15 bank cards, three cheque books, eight cheques in the name of the borrowers, a list of borrowers’ names, four cars and 14 copies of identity cards.

He said the eight men were being remanded to assist in the investigation under Section 5(2) of the Moneylenders Act 1951. – Bernama, April 3, 2022