Police have shut down a personal loan fraud syndicate with the arrest of 24 people, including the 27-year-old male mastermind.

The syndicate placed a recruitment advertisement in newspapers to attract job seekers, offering them fake documents on their residence, employment and income to apply for loans ranging from $15,000 to $120,000. In return the syndicate wanted 50-70% of the loan granted as gratuity.

The arrestees were apprehended Thursday and Friday during Police operations.

So far 12 men and 12 women aged 18 to 54 have been arrested for conspiracy to defraud. A number of fake documents like bank statements, employment letters, company chops and telephone statements have been seized.

The mastermind and two male and one female affiliates aged 19 to 32 have been charged for conspiracy to defraud. They will appear at Kwun Tong Magistracy  Monday. The other 20 have been released on bail.

People who have encountered the scam should call Police on 2860 5012.