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Gangsters nabbed for obtaining illegal loans

Date Posted: 2001-05-18

Okinawa Prefecture Police reportedly arrested eight reputed gang leaders, and searched 18 locations including the gangs’ offices, Saturday.

According to Okinawa Prefecture Police, the gangsters are suspected for deceiving the National Finance Corporation, a government owned financial institution, out of ¥68 million. The funds were made available between October ’98 and March this year and intended to help small and middle-sized firms to obtain loans as commercial banks and finance corporations were reluctants to provide loans to such firms.

This marks the first arrest on charges of fraud regarding the National Finance Corp. in Okinawa. The gangsters reportedly duped the officials at the corporation to issue loans to firms that never even existed. The funds they received were then used as operating capital for their organizations. The Prefecture Police has established a special task force to investigate the case thoroughly.

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