22 held as police smash triad-run loanshark gang

Police have broken up a loansharking syndicate they say was run by members of three triad societies. It allegedly preyed on businessmen and charged annual interest rates of up to 430 per cent.

Organised Crime and Triad Bureau officers arrested 22 people - 15 men and seven women - including suspected core members of the syndicate, in raids that ended at 10am yesterday.

In all, $240,000 in local and foreign currency, luxury watches and jewellery, computers and computer records, account books, credit cards and five knives were seized as about 200 officers raided 31 locations during the operation, codenamed 'Coral Snake'.

Police said the gang was formed by members of three triad societies - Wo On Lok, 14K and Sun Yee On - and was also linked to loanshark syndicates in Macau.

They said they would apply to the courts to freeze assets including two apartments, seven luxury cars and money in bank accounts, all owned by members of the syndicate and linked to their loansharking activities.

Acting Chief Superintendent Lo Mung-hung, of the bureau, said the syndicate targeted businessmen from small and medium-sized firms, especially those in the manufacturing sector. 'It is possible that members from the syndicate might have links with people from the manufacturing industry,' he said.