Jacob Grech of Cospicua was arraigned in court last Thursday and charged with lending money at high interest rates to a number of persons. Prosecuting officer Inspector Gafa admitted that the accused had co-operated fully with the police.

Dr Joseph Giglio, appearing on behalf of the accused said that Mr Grech was a victim of circumstances which prevail in the Cottonera area where usury is quite common. He added that the accused had also offered to pay the interest back and had made a promise to turn over a new leaf.

Silvio Galea from the Monetary Operations Unit of the Central Bank testified that the maximum interest lending rate was eight per cent but banks did not have a top limit they are obliged to adhere to.

The case continues.