Moneylender Held For Harassing Customers With High Interest Rates

Hyderabad: A private financier and his associate were arrested for by Special Operations Team, Rachakonda police commissionerate on Thursday for charging exorbitant rates of interest.

Rs 56 lakh cash, 156 bank cheques worth Rs 9.26 crore and 93 sale deeds have been recovered from their possession.

E Ramchandra Reddy, SOT additional deputy commissioner of police

The accused charged high interest rates up to 20 percent per month from the customers

The officials said that financier - A Srinivas and his aide Veeresham - harassed customers by charging double the interest rate when people used to fail to pay the debt.

“The accused charged high interest rates up to 20 percent per month from the customers,” said E Ramchandra Reddy, SOT additional deputy commissioner of police.