Tuesday, October 21, 2014   

27 arrested for loan-sharking activities
(08-07 13:20)

Anti-triad detectives say they have smashed an "aggressive" loansharking syndicate which operated under the disguise of loan referral companies.
Investigators say the gang charged interest rates as high as 500 percent per annum.

Police believe several hundred people have fallen victims to the gang. They arrested 27 suspects.

The Kwai Tsing chief inspector, Chan Tai-wai, says gang members would make cold calls to potential clients offering loans at low interest rates.

He said victims would then be lured into signing referral contracts which states that no charges would be incurred on any unsuccessful loan applications.

However, Chief Inspector Chan said the contract also stipulates - in very small prints - that the applicants need to pay a very high "consultation" fee.

He said those who refused to pay would be harrassed and escorted to cash machines to withdraw money to cover the cost of the so-called consultation fee. --RTHK   
Other Hong Kong breaking news:
Liverpool anthem latest cry of Hong Kong protesters (10-20 17:46)
Hong Kong protest leaders ridicule 'external forces' claim (10-20 15:42)
Exco convenor says too soon for agreement in talks (10-20 10:53)
Calls for evidence of foreign links in protest (10-20 10:51)
Police swoop in on democracy protest site (10-17 17:58)
Protesters continue occupying Nathan Road section (10-17 16:22)
Action urged against Occupy organizers (10-17 15:23)
Legco rejects discussion on handling of protests (10-17 15:10)
Beating of protester 'despicable': Pelosi (10-17 14:49)
Mongkok operation peaceful, says police (10-17 12:01)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.