Police on Thursday said they broke up a parallel credit system under which members of Calabria's 'Ndrangheta crime syndicate allegedly made loans at exorbitant rates.
Seventeen people were arrested on charges of mafia association, usury, extortion, illegal loansharking and fictitious assignment of property in relation to the management by clans in Reggio and Rosarno of financial resources deriving from illegal activities. Companies and other assets to a total value of eight million euros were also seized in the sweep.
The investigation, named 'Ndrangheta banking', concerned the provinces of Reggio Calabria and Milan, where the Calabria-based mafia organisation has a significant presence.
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