Turkey Detains Private Bank Chairman in ‘Loan Shark’ Probe

The chairman of a private Turkish bank was detained after authorities accused him of “loan sharking” and money laundering.

Istanbul’s chief prosecutor said it had “strong criminal suspicion” that Q Investment Bank’s Ali Ercan charged corporate clients interest rates above those of the central bank and “laundered” the proceeds, according to a statement. Two other suspects were also detained, it said.