Sixth loan shark suspect arrested

A 29-year-old man was arrested in a Larnaca clinic yesterday on suspicion of being the sixth member of a money lending gang that loaned €1.8m to a betting shop owner in Paphos.

Five suspected members have already been arrested while an arrest warrant was issued for the sixth alleged gang member five days ago. The police finally caught up with the 29-year-old at a Larnaca clinic, where he had been admitted for severe gastroenteritis.

Police believe the 29-year-old, along with two others in detention loaned the betting shop owner the €1.8m, while the other three detained suspects are believed to be working for the first three. The five are currently being held at Paphos police station, while the District Court was due to issue a remand for the 29-year-old from the Larnaca clinic late yesterday.

In a separate incident, police arrested a 40-year-old Paphos resident on Thursday night in connection with a complaint that he was threatening a pensioner over a €36,000 debt.

The pensioner reported to police that the 40-year-old was charging him ten per cent interest per month on his debts, which he would pay back signing post-dated cheques. When he was no longer able to meet his debts, which amounted to €36,000, the pensioner told police that he started receiving threats from the 40-year-old that he’d show his cheques to the bank which would put him on the Central Information Registry. The 40-year-old was released yesterday without charge as police continue their investigation.

Some of the charges that may come up in usery cases include conspiracy, demanding property with threats and criminal intent.

According to a police spokesperson, it is currently not illegal to lend money at a high rate of interest, although lawmakers are hoping to draft laws to change that. The House Legal Affairs Committee discussed the option of creating laws to make it harder for loan sharks to continue their operations.

What is illegal now, according to police, is the methods some moneylenders use to retrieve their debts, which often include violence and vandalism.

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