GEORGE TOWN, April 10 (Bernama) -- Police have busted an unlicensed money lending syndicate (Ah Long) in Penang and Kuala Lumpur following the arrest of five local men in a raid in the city on Wednesday.
Penang police chief Datuk Azizee Ismail said all the men, aged 19 to 29, were arrested by a team of police from the Commercial Crime Investigation Department (CID) of Penang Contingent based on information and intelligence through Ops Vulture.
"Initial investigations found that the syndicate offered loans online and face-to-face to borrowers with interest rates between five and 10 per cent on a weekly or monthly basis, depending on the borrower's convenience.
"They have been targeting hawkers and small traders around Penang and Kuala Lumpur since 2022 until now," he said in a statement today.
He said the police also seized various items believed to have been used in the activity, including 16 mobile phones of various brands, an iPad tablet, a document file, two ATM cards and three vehicle remote controls.
Azizee said that in addition, his party also seized four vehicles, namely a Mercedes, a Toyota Alphard a Perodua Myvi and a Perodua Viva.
He said all five men who claimed to be partners were now remanded for four days starting yesterday to assist in investigations under Section 5(2) of the Moneylenders Act 1951.
-- BERNAMA
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