Five people have been remanded in police custody on suspicion of operating as loan sharks.

Against the five arrested, Police are investigating claims of conspiracy to commit a crime, loansharking, profiteering and demanding money through duress with a view to steal.

Last August, a woman reported to police that she borrowed a sum of money from the suspects with a repayment interest rate of 20 percent per month.

The woman claims that the loansharks began threatening her when she was unable to honour the extortionate terms of the loan.