This is the largest number of loanshark-related arrests resulting from a single police operation this year.

Officers from the Criminal Investigation Department (CID) and the Police Intelligence Department raided various locations in the island-wide operation and seized more than $35,000 in cash.

Other items taken away included computers, mobile phones, storage media and suspected debtor records.

Preliminary investigations have indicated that the loanshark syndicate was also involved in loanshark-related harassment in connection with the illegal loans.

Police said the 18 men and one woman nabbed were between 19 and 40 years old.

Investigations are still in progress.

First-time offenders found guilty of operating a business as an unlicensed moneylender may be fined up to $200,000 or jailed a maximum of 2 years, or both. Repeat offenders face mandatory imprisonment of up to 5 years, including a similar fine of up to $200,000.