Tokyo cops: Loan sharking ring charged 89 times legal interest rate

Suspects believed to have collected ¥250 million since 2009

Yuki Nozawa
Yuki Nozawa

TOKYO (TR) – Tokyo Metropolitan Police have busted an unlicensed money lending ring that allegedly charged interest rates far higher than allowed by law, reports TV Asahi (Nov. 30).

Between April and August, Yuki Nozawa, 38, and two other members of the group allegedly charged five persons rates of interest on loans that were around 89 times that allowed under the Money Lending Business Act.

According to police, the suspects also abused the cash cards and bank books of customers who were unable to pay back the loans.

Since 2009, the suspects are believed to have obtained 250 million yen from around 2,100 persons nationwide through similar money-lending schemes.

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