Cops arrest man who runs illegal moneylending

SIBU: A man suspected to be involved in illegal moneylending activities and collecting interest on debts every 10 days was arrested on Sunday.

The incident came to light after another man lodged a police report on Sunday, saying that he could not keep up with the interest payment every 10 days.

Sibu police chief ACP Saiful Bahri confirmed receiving the report yesterday.

He said police arrested the 36-year-old suspect the same day and remanded him for two days pending further investigation.

It is believed the suspect had posted his advertisement on moneylending at public places, which led the victim into a web of debt after the latter borrowed RM7,000 from the suspect and as a result, had to pay interest rates every 10 days.

(BorneoPost Online)

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