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Hong Kong police have arrested 25 people, some as young as 13, in a crackdown on a loan shark syndicate that charged victims annual interest rates of up to 282 per cent.
Police said on Thursday that the crime ring had provided a total of HK$200 million (US$25.5 million) in loans to about 2,000 residents over the past year, with at least HK$8 million in criminal proceeds funnelled into the core members’ personal accounts.
During operations on Tuesday and Wednesday, officers raided three operating centres of the group in Mong Kok and Fo Tan, as well as the residences of key members.
Investigations revealed that the group promoted “no-vetting” loans and borrowing discounts through cold calls and social media.
It charged borrowers a 25 per cent handling fee and imposed heavy penalties for late repayment, with effective annual interest rates as high as 282 per cent. In some cases, the penalty amounted to 800 per cent of the original loan amount.
To enforce repayments, the syndicate recruited teenagers as young as 13 via social media to intimidate debtors, including by making threatening phone calls and splashing red paint on their homes.
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