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Japan investigates ‘gangster loans’ at top banks

Japan investigates ‘gangster loans’ at top banks

Japan’s financial watchdog is to investigate the country’s top three banks in the wake of a loans-to-mobsters scandal that has raised questions about corporate links with organised crime.

The country’s Financial Services Agency (FSA) will look at Mizuho’s business dealings as well as rivals Mitsubishi UFJ and Sumitomo Mitsui Banking Corp, an agency spokesman said, without giving further details.

Mizuho has been under fire since it emerged last month that it processed hundreds of loans worth about $2m (£1.2m) for the country’s yakuza crime syndicates, which are involved in activities ranging from prostitution and drugs to extortion and white-collar crime.

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