29 arrested in crackdown on loan sharks who charged victims 3,000% in interest

Hong Kong police have arrested 29 people in a crackdown on a loan-sharking and money‑laundering ring that charged victims annual interest rates as high as 3,000 per cent. Police said on Wednesday that the syndicate had set up a secret call centre in Tsuen Wan and posed as licensed finance companies, randomly phoning people in an attempt to lure them into borrowing money.

In the process, they extracted personal information, including occupations, repayment ability and family background. Small...