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English definition of “protection racket”

protection racket

noun [C]    
a situation in which a criminal group demands money from a store owner, company, etc. in exchange for agreeing not to harm them: run a protection racket These thugs ran a vast protection racket with which all property-owners had to co-operate if they hoped to survive.
(Definition of protection racket noun from the Cambridge Business English Dictionary © Cambridge University Press)
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