Seven suspects including the ring’s mastermind, a man surnamed Chien, were arrested Friday after several days of investigation in different parts of Taipei, Taoyuan, and Hsinchu areas.

The suspects have been transferred to the district prosecutor’s office for further investigation on multiple charges, including fraud and illegal business accounting practices, and producing false documentation.

According to investigators, Chien and the others ran a loan shark operation that charged NT$1,000 in administrative fees for every NT$10,000 borrowed from them. They placed ads on newspapers saying “can use credit cards to borrow cash,” prosecutors said. They used their clients’ real credit cards to make bogus transactions in order to cover their tracks.

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