Police said on Thursday that they have dismantled a large‑scale loan shark syndicate that ran a massive racket, extending credit to over 2,000 borrowers and lending more than HK$200 million in illicit loans.

Officers arrested 25 people, aged from 13 to 69 during a two-day operation that ended on Wednesday, raiding premises operated by the syndicate in Mong Kok and Fo Tan.

Superintendent Lo Ka‑chun from the organised crime and triad bureau said HK$1.94 million of cash was seized at a Mong Kok office and about HK$8.4 million in illicit funds held in bank accounts by the syndicate and its core members were frozen.

Officers also found large volumes of personal information at two call centres believed to be used to promote loan schemes and to collect debts.

"The charges for those arrested include lending money at an excessively high interest rate, criminal damage, criminal intimidation, and money laundering, among others. Among them are multiple syndicate masterminds and core members with triad backgrounds," said Lo at a press conference.

Police said the group exempted borrowers from income checks to lure them into taking out loans.

However, during the loan process, it charged high interest rates and fees, and used a variety of different pretexts to take money from victims.


Edited by Aaron Tam