Alleged loanshark bosses arrested

PUBLISHED : Wednesday, 25 September, 2002, 12:00am
UPDATED : Wednesday, 25 September, 2002, 12:00am

The suspected heads of two triad-controlled loanshark syndicates were arrested for allegedly lending money to undercover policemen at interest rates of up to 400 per cent a year. The gangs, separately controlled by the 14K and Wo Shing Wo triad societies, preyed mainly on taxi drivers and nightclub hostesses. Police said they would apply to the courts to freeze assets, including three apartments and more than $2 million in bank accounts, linked to the loanshark activities and owned by the two bosses.