Shark: Illegal loan syndicate man nabbed

2011-02-15 00:00

POLICE arrested a man who is believed to be involved in a syndicate of illegal money lenders in Hammarsdale following a tip-off yesterday.

The man is believed to have been lending money to pensioners and confiscating their identity documents for surety.

Social Development MEC Dr Meshack Radebe participated in the raid to uncover illegal money lenders who confiscate pensioners’ identity documents and the smartcards the pensioners use to receive their grants.

The arrested man was involved in allegedly taking R1 040 from pensioners every month for every R600 the pensioners borrow, leaving them with only about R20 and with the lender with over 100% profit.

“These people rob old people of their money and take away their identity documents, which becomes problem for senior citizens because they cannot do anything unless they pay these people,” said Radebe.

Radebe said during the raid they found more 150 identity documents and a lot of smartcards belonging to senior citizens.

Police spokesperson Colonel Jay Naicker said: “One person was arrested and charged in terms of the National Credit Act.” The suspect will appear in the Hammarsdale Magistrate’s court today.

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