KEPALA BATAS – Police have busted an unlicensed moneylending syndicate which has been operating here since February and seized assets worth RM140,565 in a raid on Oct 2.
Seberang Perai Utara (SPU) District Police chief ACP Noorzainy Mohd Noor said that police, acting on information, raided a condominium in Raja Uda near Sungai Dua at about 4 pm.
“We arrested three suspects, two local men and a Laotian woman, aged between 24 and 30,” he told reporters at a press conference here Oct.
Noorzainy said police also seized 1,141 pieces of automated teller machine (ATM) cards from various banks, cash, banknote counting machine, mobile phones and some documents.
“Investigations found that the two male suspects are employees of two licensed moneylending premises in Arau, Perlis and Taiping, Perak, while the female suspect is believed to have entered Malaysia in March,” he said.
Noorzainy added that the suspects kept the ATM cards belonging to their customers or borrowers as collateral to ensure that the borrowers paid their loan instalments.
“The suspects have been remanded until Oct 7 to assist in investigations under Section 5 (2) of the Moneylenders Act 1951,” he said.