POLICE say they have smashed a major loan sharking operation on the Gold Coast, arresting a gang of alleged violent standover men and seizing assets including a $20 million olive plantation.
Three men were arrested in raids this morning after a 17-month investigation by the detectives from the Coast's Major and Organised Crime Squad.
The men are accused of running a multimillion dollar loan sharking business targeting struggling small businesses and pensioners.
Police allege at least a dozen business and individuals who borrowed money at 'extortionate' rates from the syndicate were bashed or threatened with violence.
"If the borrowers couldn't pay, the thugs allegedly bashed them or threatened them and/or took over businesses and even homes," Major and Organised Crime Squad chief Detective Inspector Scott Knowles said.
"One of the businesses allegedly taken over was a $20 million olive plantation on the Queensland-New South Wales border.
"One of the victims allegedly borrowed $10,000 which turned into a $35,000 debt to the organisation. It was going up at a rate of $1000 a week."
The alleged ringleader of what Insp Knowles described as a 'criminal organisation' was arrested at a waterfront Broadbeach Waters home but was later taken to hospital with a heart complaint.
The man, 43, and his alleged associates, aged 44 and 51, were charged with multiple extortion offences as well as serious assault and firearms and drug charges.
Police seized $26,000 in cash in the raids but say there could be 'millions' more in money and assets.
More arrests are possible.
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