RAK court jails Asian loan shark, slaps Dh100k fine
The accused will be deported after serving the jail term.
An Asian loan shark has been sentenced to three months in prison and fined Dh100,000. He will be deported after serving the jail term.
The Ras Al Khaimah court of appeal found the man guilty of privately lending money against exorbitant interest rates to many people.
The lower court convicted the defendant in February this year, and ordered him to serve three months in jail, and deportation thereafter.
The RAK public prosecution charged the accused with lending money to a number of people against illegal interests.
The first prosecution witnesses told the court that the man lent her mother several loans of Dh60,000 against certain interests he guaranteed with cheques. He later collected some Dh250,000 from her mother, including the loan and interest.
Another woman told the court that the loan shark lent her Dh115,000 on condition that she gave back Dh285,000, including the loan and interest. She had so far paid back Dh100,000.
A third woman said she borrowed Dh100,000 from the man, and gave back Dh150,000 after only four months.
A fourth victim told the court that she took Dh20,000 from the money lender, and returned Dh32,000 after just four months.
Another borrower said she got a loan of Dh50,000, and paid back Dh85,000 after seven months.
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