Milan authorities arrest man for usury and extortion

Authorities in Milan have arrested a 76-year-old man residing in the province of Pavia on suspicion of usury, extortion, and money laundering. The arrest follows an investigation by the Guardia di Finanza after a Milanese entrepreneur reported being targeted by a predatory lending scheme.

The victim, seeking liquidity for his business, was subjected to monthly interest rates of 20%, resulting in an annual rate of approximately 240%. The suspect utilized a capitalization mechanism where unpaid interest was added to the principal debt, causing the amount owed to grow exponentially.

Investigations revealed that at least four other entrepreneurs were caught in the same network. Despite having almost no declared income, the suspect maintained a high standard of living, which investigators believe is linked to the illegal activities.