Sixty-four people were sent to court for illegal money loans, with interest as high as 85%!!!

WASHINGTON: The Police Department and relevant authorities have detained six people to court under allegations of illegally lending money with interest rates as high as 85% after conducting research for two weeks now.

The Commissioner of the Police Police Post announced on Monday, October 6, that, in cooperation with the forces of the Anti-Terrorism Department, the Provincial Police have carried out crackdowns, illegal money lending cases, with high interest rates, across the geography of the Philippines, and have deposed 64 suspects (24 females), including a large number of exhibits recently.

The large-format operation took place after receiving a recommendation from the Commissioner of the Police Department and the Anti-Terrorism Department to investigate these cases.

Police have been researching the above cases in some local areas for two weeks. Eventually, the Police Department researched and located five suspects, detaining 64 suspects.

The provincial commissioner stated: "Those five lending groups are all completely illegal, of which 4 are legally licensed, but only mortgage business licenses, not lending licenses, all of which are lenders with excessively high interest rates, in the form of fraudulent interest rates of 10 to 15 per cent per month. But according to detailed research, interest rates are as high as 80 to 85 per cent."

At present, the suspects who are senior officials in these five lending groups have been assigned by the expert police to send the case to the provincial school for punishment according to the law.

After the first step of the crackdown operation was completed, Mr. Somalien instructed the Commissioner of the Police Police to hold an emergency meeting and continue to investigate and research the crackdown on illegal lending cases with high interest rates to all 13 municipalities/districts and 116 districts/districts in the region. Efforts should be made to educate citizens to be aware of the scams of illegal lending, with these high interest rates, to all localities in the country.

The Commissioner of the Police Department also made an announcement to citizens throughout the province to stop accepting illegal loans with such high interest rates as soon as possible.

In addition, the Provincial Police Commissioner has issued strict regulations to the 116 concubines/districts to check the groups that provide illegal loans with high interest rates.