GEORGE TOWN: Police have detained a 35-year-old loan shark, believed to be the biggest illegal money lending operations in Southwest district.
In a raid on his house in Teluk Kumbar on Thursday, police seized RM545,599, 51 cheques worth RM846,000 and 10 savings account passbooks.
Also found were some records of borrowers on cards and books, an identification card believed to be of a borrower, a mobile phone and a laptop.
Police also seized three machetes believed to be used to extort defaulters.
Penang commercial crime chief Assistant Commissioner Azmi Adam said the suspect admitted he was involved in illegal money lending since 2008.
“The suspect’s usual clients are small traders and fishermen.
“We urge members of the public with information on the suspect’s activities to lodge reports to facilitate our investigation,” he said adding that the suspect has been remanded for three days further investigation.