NCR raids loan sharks, 5 arrested

The suspects arrested were holding 71 pension cards, seven identity documents and at least five bank cards.

FILE: Five alleged illegal credit providers have been arrested in the Western Cape following raids sxc.hu.

CAPE TOWN - Five alleged illegal credit providers have been arrested in the Western Cape following raids led by the National Credit Regulator (NCR).

The five illegal credit providers were holding 71 pension cards, seven identity documents and at least five bank cards.

The arrests come after the NCR and the Saps launched joint investigations into 21 loan sharks.

The NCR is determined to shutdown loan sharks who force cash-strapped consumers to give up their identity documents, pension and bank cards as security until their debts have been settled.

The regulator's Jacqueline Boucher warns more arrests can be expected.

During nationwide operations conducted with the help of police, thousands of IDs and bank cards have already been recovered.