PADAWAN: A man has been arrested for running an illegal money-lending business.
He was picked up by police in Siburan on Monday (Oct 25) after a report was made against him by a victim.
The victim had borrowed RM8,000 from the suspect, said Padawan OCPD Supt Abang Zainal Abidin Abang Ahmad on Wednesday (Oct 27).
“The victim was charged a 20-pct interest.
“The suspect had told the victim to pay the loan back within three weeks.”
Supt Abang Zainal Abidin added that the victim was asked to cough up a sum of RM290,000 due to the late payment.
“Before the police report was made, the victim had paid a total of RM100,000 through a monthly payment of RM7,950 to RM8,750 since 2019.
“The victim was also asked to pay RM265 per day if he was late in paying the monthly installment. Payment was made to an account provided by the suspect.”
The case is being investigated under Section 5(2) of the Moneylenders Act 1951.