Police announced on Monday the dismantling of a loan shark syndicate that charged excessive interest rates, resulting in the arrest of 29 individuals—including two minors—suspected of involvement in illegal debt collection.

The suspects range in age from 15 to 69. The two teenagers are under investigation for criminal damage, while the other arrestees include a company representative and eight staff members from a loan company.

They were arrested on suspicion of offenses including lending at excessive interest rates, money laundering, possession of instruments for unlawful purposes, criminal damage, and criminal intimidation.

During the operation, officers seized more than 2,400 loan documents, approximately HK$820,000 in cash, and a batch of computers and mobile phones from the company.

The company’s bank accounts recorded over HK$60 million in transactions over the past six months. Additionally, a vehicle valued at around HK$1.4 million, believed to have been purchased with criminal proceeds, was confiscated from the company representative’s residence in Tsuen Wan.

Police stated that the group used online advertisements and messaging apps to promote their services, luring victims with promises of instant loan approval.

Investigations revealed that the suspects charged up to 20 percent of the loan amount as handling or referral fees during the lending process.

Authorities urged the public to apply for loans only through banks or credible licensed money lenders and to avoid being misled by advertisements offering low interest rates without requiring proof of income.

The public is also advised not to sell or lend their identity cards and phone numbers for monetary gain, as these may be used for illegal purposes.

Sources: The Standard