Harsher punishments for loan sharking

 

LOAN sharking will now be punishable by a maximum of 14 years in jail and a €30,000 fine police spokesman Michalis Katsountos said yesterday.

He stressed that in addition to creating the basis of investigation of such unlawful and condemned conduct, the new rules provide deterrent sentences.

The sentences range from three to 14 years imprisonment and a fine of up to €30,000 according to the crime.

A new law was passed in April making loan sharking and profiteering a criminal offence. When the law was passed it included a sentence of up to a year for someone convicted of threatening another person to settle their debts and blackmail was punishable with up to 14 months in jail.

According to Katsounotos, police chief Michalis Papageorgiou has already sent a circular to police headquarters island wide calling on them to investigate thoroughly any complaints relating to the crime. He also called on them to report any legal problems that may arise in order for them to be corrected.

Police encourage anyone who has fallen victim to blackmail, usury, loan sharking or profiteering to come forward.

 

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