GEORGE TOWN: A 35-year-old loan shark was detained by police for running an illegal money lending outfit here on Thursday.
In the 2.30pm raid, police seized some RM550,000, 51 cheques worth RM1 million and 10 savings account passbooks. Also found were some records of 100 borrowers on cards.
It was learnt that police had also seized three machetes believed to be used to extort defaulters.
Police sources say that the man had been involved in unlicensed money lending for the past two years.
The case is being investigated under Section 5 (2) of the Moneylenders Act 2011 and Section 7 (1) (a) of the Corrosive and Explosive substances and Dangerous Weapons Act 1958.