Authorities in Albania have handed a huge loan fraud case to the Special Prosecutor’s Office (SPAK) after it was revealed that a network of companies defrauded thousands of citizens.
The scam involved everything from threats and illegal refinancing to property seizures, and it’s believed that millions of euros were extorted from victims. Prosecutors have tied several businesses and individuals to the fraud, including Olsi Ibro, who died in July, his wife Elda Ibro, and businessman Arben Meskuti. These individuals allegedly ran the operation through companies like Micro Credit Albania (MCA) and Final.
Earlier this year, the Governor of the Bank of Albania, Gent Sejko, was also brought into the investigation for failing to act in time to stop the abuses.
Prosecutors say the fraud involved misusing personal data to pressure debtors into paying off inflated loans, and even going after family members who weren’t involved. Authorities say that at least 1,700 properties were seized illegally.
In an email, Olsi Ibro compared the illegal activity to casino gambling, calling his bailiffs “croupiers” who were simply dealing out the “game.”
The case is now with SPAK, and more people could soon be named in what looks like one of Albania’s biggest fraud scandals in years.
