Police arrest 25 in loan sharking case

Police have dismantled a triad-controlled loan sharking syndicate and arrested 20 men and 5 women, including the ringleader and key members.

A large amount of cash, mobile phones, and other evidence were seized during the operation.

Over the past two days, police launched an operation targeting three operational centers run by the syndicate in Mong Kok and Fo Tan. The investigation revealed that the group attracted borrowers by advertising loan products without income proof, but charged exorbitant interest rates and processing fees, with annual interest rates reaching as high as 282%.

Over the past year, the syndicate issued over $200 million in loans to around 2,000 individuals. If borrowers defaulted on payments, the group resorted to telephone intimidation and debt-collection tactics such as splashing red paint on their homes.

Police have frozen $10.34 million in suspected proceeds of crime and are continuing to trace the flow of funds.