Loan-sharking syndicate in Hong Kong that lent money at interest rates of up to 670 per cent broken with arrest of 15 people




A triad-controlled loan-sharking syndicate that lent money to borrowers at interest rates of up to 670 per cent a year was broken by Hong Kong police with the arrest of 15 people in raids across the city.
Superintendent Ewing Wu Ka-yan of Kowloon East regional crime unit said the charge was more than 10 times the city’s legal interest rate of 60 per cent a year.
He said initial investigation showed at least 100 debtors had borrowed money from the syndicate, which had been in operation for…



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