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Miyagi: Sendai money lender offered loans at illegal interest rates

MIYAGI (TR) – Miyagi Prefectural Police have arrested the president of a money-lending company in Sendai City for charging interest on loans that were up to 10 times more than that allowed by the law, reports TBS News (Jan. 15).

Between January, 2013 and July of last year, Riichi Suzuki, the 57-year-old president of the company, located in Izumi Ward, employee Wakako Matsushita, 55, and one other suspect extended 1.77 billion yen in loans to 150 corporations and business persons in 30 administrative districts nationwide.

According to the Izumi Police Station, the suspects collected 530 million yen in interest from the loans. Of that amount, more than 200 million yen allegedly came as a result of charging interest rates that exceeded those allowed under Investment Deposit and Interest Rate Law.

Riichi Suzuki
Riichi Suzuki (Twitter)

In one case from last year and 2017, two businessmen in Sendai and Hyogo Prefecture were granted loans at interest rates that allegedly exceeded that allowed under the law by between nine and 10 times.

All three suspects deny the allegations, police said.