GEORGE TOWN: A loan shark syndicate, believed to have loaned out sums of up to RM1mil, was smashed after police raided a house in Taman Bayu Mutiara, Bukit Mertajam, on Friday.
Four men were arrested and 491 cheques worth more than RM13mil were seized.
CID chief ACP Roslee Chik said police also confiscated cash totalling RM33,854 during the 9.30am operation.
He said the men, aged between 22 and 37, were suspected of conducting illegal money-lending activities at the time of the raid.
"Initial investigations show that the syndicate operated from the house, dispensing loans of between RM1,000 and RM1mil," he told reporters.
Other items seized included seven laptops, a computer set, printers, mobile phones, 371 envelops containing loan-related documents, 14 cheque books and 62 ATM cards issued by multiple banks and 1,360 debt collection cards.
"They had been under a week-long surveillance," ACP Roslee said.
Police believe that the syndicate had been in operation in and around Penang since last year, and had moved twice to evade the authorities.
"This was the biggest seizure involving Ah Long activities this year in a region comprising Perlis, Kedah, Penang and Perak," he added.