News Local Paphos: Man remanded for loan sharking

Paphos: Man remanded for loan sharking

A 34 year old man was remanded in custody for three days by Paphos district court on Monday on suspicion of loan sharking, attempted extortion, making threats and money laundering.

The suspect is reported to have lent 600 euro to a 51 year old man in August, 2018. The two agreed that the 51 year old would pay 120 euro a month in interest for every month’s delay in repaying his loan.

He complained to police that by April 2019 he had paid 720 euro to the 34 year old as interest, however the suspect demanded another 1000 in interest.

Paphos CID are investigating.

 

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