Ontario Provincial Police and Casino Investigation Unit Clamps Down on Loansharking

_{Ontario Provincial Police officers during a year-long investigation into loansharking at casinos in the Greater Toronto Area. (Image: William Berry/Alamy)}

A 43-year-old man from Mississauga is facing charges for loansharking, followimg an investigation into loansharking at casino destinations in the Greater Toronto area of Canada.

Investigation Centred Around Casinos

Investigators from OPP carried out a yearlong probe (Project Evening) into "extortion, money laundering, and the illegal lending of money at a criminal rate." Additionally, several Ontario casinos have come under the regulator's radar for accepting suspicious transactions totaling over $4 million.

It is understood that the man was charged on Tuesday, March 18, following the issuing of a search warrant executed by OPP officers. The charges include extortion, laundering proceeds of crime, possession of property obtained by crime over $5,000 and charging criminal interest rates. 

The investigation was carried out by the OPP’s Game Protection and Anti-Money Laundering Unit along with their IEB Casino Investigations Unit in Toronto.

Crime of Loan Sharking a ‘Grey Area'

According to the Canadian government, the crime of loan sharking involves lending someone money and then charging them 60% or more in interest on that loan. Any interest rate above 60% is described as a “criminal rate” in the Criminal Code.

Since loan sharks do not keep detailed or publicly available records, it is difficult to secure a conviction. Those who are found guilty are sentenced to a maximum of two years less a day in jail.

The Criminal Code Help explains that although the term "loan sharking" does refer to receiving a payment or partial payment of interest at a criminal rate. Loan-sharking is a common practice in many countries, including the UK. It has been described as a predatory practice entrenched in threats and violence. 

Fair4AllFinance states that research by Ipsos suggests well over 3 million people in the UK have borrowed from an unlicensed or unauthorised money lender in three years between 2020 and 2023.