A network of financial crimes uncovered by the Guardia di Finanza
Reggio Emilia wakes up to shocking news: five people arrested in an investigation revealing an alarming illicit business. Usury, extortion, and aiding and abetting are the charges against a well-known local businessman and his entourage, who for months took advantage of struggling entrepreneurs.
The investigation, called “Ottovolante”, began in August 2024 under the direction of Prosecutor Calogero Gaetano Paci. The operation involved about 60 finance police officers, including specialists from the SCICO (Central Service for Organized Crime Investigations), who carried out multiple searches and arrests.
Usury rates up to 177.50%: victims’ financial nightmare
Investigators found that the businessman and his accomplices charged usurious interest rates up to 177.50%, putting victims in extreme distress. The organization allegedly collected over €413,000 in illegal interest, worsening the financial situations of already struggling entrepreneurs.
The victims initially took out loans totaling over €150,000, but soon found themselves paying back more than triplein interest alone. Threats and intimidation were common, pushing victims into states of fear and psychological instability. In some cases, the criminal group used violence to recover the money.
Arrests and asset seizures to dismantle the racket
The operation led to the execution of three precautionary measures:
- pre-trial detention for the ringleader,
- house arrest for an accomplice,
- ban on residing in the Emilia-Romagna region for another suspect.
Additionally, authorities seized cash and assets worth €413,000, the estimated profits of the illicit activities.
Links to the previous “Minefield” operation
Investigations uncovered a troubling connection: the main suspect was already involved in a previous anti-crime operation, “Minefield”, which led to the arrest of two members of a Calabrian criminal group. Despite being under house arrest, the businessman continued directing his illicit business.
Guardia di Finanza: “A surgical action to eradicate financial crime”
This case highlights the importance of swift and targeted action against usury and extortion, which are extremely dangerous for both individual victims and the local economy. Authorities stress the need for preventive measures to protect businesses from these threats, ensuring a safe and legal economic environment.
