Cops nab two amateur loan sharks
Equipped with iron chains, two loan sharks had planned to harass their debtors into paying up by securing the main gates of their houses.
However, police put paid to their plans when a team led by Inspector Azli Ishak happened to flag down the loan sharks’ vehicle at 11.45am in front of a fast food restaurant in Pekan.
The duo, aged 22 and 24, were arrested when the police team found banners advertising loan services, iron chains, padlocks and six mobile phones in the Honda City. Police seized the items.
The duo then led police to their house in Bukit Setongkol here, where police recovered some 15,000 banners that were meant to be displayed to promote the illegal moneylending activities.
State Commercial Crime Investigation Department chief Superintendent Mohd Wazir Mohd Yusof said investigations revealed that the duo only started their loan shark activities in January in Kuantan, Temerloh, Jerantut and Pekan.
“Debtors who fail to repay their loans will be harassed, and the suspects will lock debtors’ house gates with a chain and padlock. This is to embarrass the borrowers and make them pay up.
“As the suspects just began their loan shark activities, checks revealed they have not been violent with borrowers.
“The duo charge a weekly interest of up to 30 per cent for each deal. Several debtors have lodged police reports for fear of their safety,” he said, adding that the duo’s debtors borrowed between RM500 and RM10,000.
Wazir said investigations revealed that the duo targeted small traders and those with fixed monthly incomes.
He said police were investigating whether the two men were part of a bigger syndicate and whether they hired people to manage their illegal services in the four districts.
He said the arrest was the third this year following two successful operations codenamed Op Vulture to curb illegal moneylending services.
Pahang Commercial Crime Investigation Department chief Superintendent Mohd Wazir Mohd Yusof (centre) with the banners advertising illegal moneylending services that were seized from two loan sharks at the Pahang police contingent headquarters in Kuantan yesterday.