Crackdown against loan sharks leads to arrest of 29

PETALING JAYA: In the latest crackdown against illegal loansharks (Ah Long), police arrested 29 members from four syndicates and traced 2,305 cases nationwide amounting to RM68 million.
Bukit Aman Commercial Crime Investigation Department (CCID) deputy director, Commissioner Datuk A. Thaiveegan revealed the 27 men and two women, aged 18 and 48 years old, were arrested over five days in which police also confiscated ATM cards, vehicles, computers, weapons, paints and cash.
"They were arrested in Subang Jaya, KL, Petaling Jaya, Klang and Kedah. The police would like to send a strong message to these syndicate members that we will come after you if you are going to threaten and splash paint on debtors homes. This is not how you do business.
"The Ah Long business is illegal since they do not have licences for their money lending businesses. Members of the public on the other hand should not to fall victim to these syndicates. When you become victims, more problems will arise, so think before taking loans from these moneylenders," he told a media conference at Federal CCID headquarters here today.
One of the syndicates, consisting five members attempted to flee to Thailand through Bukit Kayu Hitam but were intercepted by the police.
"Most of the threatening by these Ah Long syndicate members was done by the youngsters in the gang and these crooks are mostly from Johor. We will also go after their accomplices in other states," he added.
Meanwhile, on a separate case, Thaiveegan said more than 500,000 locals have fallen victim to foreign exchange and ponzi scams since 2016.
"The total losses incurred is estimated to be at RM3 billion," he added.
On Thursday, theSun reported a get-rich-quick scheme syndicate, led by a man with a Datuk Seri title that caused losses of about RM40 million to hundreds of investors, was crippled by police on Aug 1.
The Datuk's 27-year-old son was also nabbed in the operation.
The three were picked up in Maran, Pahang and Kota Baru in Kelantan.
Police had received 114 reports on the company between February last year and July this year, with 20 investigation papers opened.
The scheme known as MGCfx which was run by MGC Capital Sn Bhd had offered its investors 10% returns weekly for their investments for over a period of four years through foreign exchange trading.