A former mob boss said Thursday his organization was not involved in a massive loan-sharking scam suspected of funneling billions into the pockets of the nation's largest crime syndicate.
Yasuo Takagi, 56, former leader of Shizuoka-based Goryo-kai, stands accused of receiving money earned through illegal acts, a violation of a law regulating organized crime activities. Goryo-kai is now called Nidaime Mio-gumi.
Prosecutors allege that Goryo-kai, an affiliate of Yamaguchi-gumi, the nation's largest yakuza syndicate, generated huge profits by lending money at exorbitant interest rates of 10 percent or more per day. The legal limit is 0.08 percent.