TOKYO (TR) – Tokyo Metropolitan Police have busted an money-lending ring that allegedly charged interest rates far higher than that allowed by law, reports TBS News (Oct. 3).
Between April and August, Takumi Sugama, 33, and one other member allegedly charged an independent business man, 77, and two other persons rates of interest that were between 42 and 92 times that allowed under the Money Lending Business Act on loans totaling 1.02 million yen, according to the Nakano Police Station.
The suspects collected a total of 580,000 yen in interest from the victims, police said.
Both suspects deny the allegations. “We did not charge illegal interest on loans,” one of the suspects was quoted.
Between April and December of last year, the suspects are believed to have obtained 50 million yen from 179 persons through similar money-lending schemes.