Police bust fake moneylending licence syndicate


  • Nation
  • Tuesday, 21 Feb 2012

BUKIT MERTAJAM: A syndicate, which used false documents to apply for moneylending licences from the Hou­­­sing and Local Government Mi­­­nistry, was busted with the arrest of two men, including the mastermind, in Bandar Perda and the town area.

State Commercial Crime Depart­ment chief Asst Comm Roslee Chik said a nine-man team led by Chief Insp N. Muniandy had been monitoring the duo, in their 40s and 50s, for the past three months.

“Our investigations showed that the syndicate was also making ‘high quality’ fake moneylending licences.

“The mastermind was caught making such a licence when we raided his office on Saturday,” he told a press conference yesterday.

ACP Roslee said the other man was caught in another raid the same day, adding that both had been remanded.

“We have identified eight moneylenders using the fake licences, and there could be more as the syndicate has been in operation since 2007. There could also be other members still at large.

“We are identifying these unscrupulous moneylenders. The syndicate was also distributing fake currencies,” he said.

Licences can only be issue by the ministry under the Money Lenders Act.

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