Rome police arrest alleged loan shark charging 900% interest

'60-year-old lent money to colleagues, acquaintances'

By: ansa.it

Sep 02 2024
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Rome police arrest alleged loa

A 60-year-old Roman was arrested by Carabinieri police from the capital's Porta Portese precinct for allegedly lending money to colleagues and acquaintances in dire financial straits with interest rates of up to 900%, investigative sources said on Monday.
    The man was placed under house arrest.
    The investigation kicked off in 2022 after one of the alleged victims, a 58-year-old who worked with the man, reported him to the authorities.
    He said that, in June 2018, when he needed money because his partner and elderly mother were sick, he asked and obtained a loan of 500 euros from the man.
    After about a month, the 60-year-old said he wanted back the money with interests.
    The victim allegedly gave him a total of 20,000 euros over four years to pay back the 500-euro loan at an interest rate of about 917.64%.
    At least four other loansharking episodes were reported between 2019 and 2023,investigative sources said.