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JOHOR BARU – Illegal moneylenders now operate from luxury condominiums and high-end houses across Johor state as they offer loans to those desperate for fast cash.
Many of their targets are those working in Singapore, and the moneylenders charge interest rates of between 24 per cent and 60 per cent annually.
Those who are blacklisted by financial institutions also turn to these syndicates.
However, those who fail to pay up are usually threatened or harassed by members of these syndicates.
Police have arrested 21 people, including a woman, following a series of raids in the city over the past few days.
These raids have been dubbed the biggest arrest of loan sharks this year after three major syndicates were busted in the state.
The arrests were made during a major operation led by officers from Bukit Aman’s Commercial Crimes Investigations Department together with their Johor counterparts.
Sources said the police units were divided into several teams and they carried out the raids simultaneously in a few places, including Iskandar Puteri, Seri Alam and Setia Indah.
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