Suspected loan-shark arrested in Limassol

The Limassol District Court has remanded a 70-year-old local moneylender for seven days on multiple charges including money extortion, blackmail, and illegal loan-sharking.

According to reports over the weekend, a 32-year-old man filed a complaint against the suspect, who was allegedly involved in illegal money lending practices between June 2017 and August 2018.

The complainant told cops on Thursday evening that the suspect gave him a total of €51,200 to fund his gambling activity at an online casino, which is reportedly operated by a close relative of the suspect.

The moneylender demanded between 20 and 40 percent interest for the repayment of the loans, according to the 32-year-old man, who ended up paying €68,500 while the 70-year-old was demanding more cash.

The suspect is currently receiving medical treatment at Limassol General Hospital, where his remand hearing took place due to his health condition.

The suspect has denied any involvement in the case while reports said he is known in the underworld for his loan sharking activities.

Illegal loan-sharking has been known to occur frequently in the Republic of Cyprus, often associated with business endeavours and gambling debt. Related offences such as damages to property, violence or threat of violence have often been the cause for a number of loan-sharking complaints with the police.