Economic Crime Suppression Division (ECD) officers arrested five loan sharks from the Masked Rider Gang for attacking debtors and demanding extortionate interest rates of 400% per year.
The arrests were made following a complaint by a debtor in June of this year when he was attacked by loan sharks at his condominium. He explained that he borrowed the money from a Facebook page called Informal Lone 24 Hour at the end of last year. He put his condo as collateral and handed over the condo’s keycard to the gang. However, the staggering interest rate of 400% per year made it impossible for him to keep up with the monthly payments. Consequently, the loan sharks resorted to publicly shaming the victim on social media and threatened him.
Matters escalated further as he still could not pay the debt and…
