A Hong Kong man and his Filipino domestic worker were arrested in North Point on loan-sharking charges in a police operation on Monday.

At 12 noon, officers intercepted the 65-year-old man at the intersection of King’s Road and Shu Kuk Street on Hong Kong Island as he was offering loans to two Filipino maids, Oriental Daily reported.

He was arrested on suspicion of conducting business as a moneylender without a license.

Police also arrested his 41-year-old Filipino domestic worker at his residence on suspicion of acting as a middle agent. A number of Philippine passports, books, bankbooks, HK$100,000 in cash (US$12,740) and a tablet were confiscated in the apartment, news website HK01.com reported.

Police said they believed the operation had been running for two years, targeting Filipino maids working on Hong Kong Island.

They offered loans at an annual interest rate of 120%, well above the legal limit of 60%, and required the borrowers to surrender their passports as collateral.

Further investigation will be carried out and police did not rule out arresting more suspects.