Police crack down on illegal money lenders in Old City, arrest 56

Hyderabad: South zone police rounded up as many as 56 people from Old City on charges of ‘illegal financing’.

According to police reports, after constant complaints of ‘illegal financing’ and money extortion cases, South Zone police conducted a special drive against illegal money-lenders, and cases were registered against 30 of them.

A number of victims came forward with their ordeals to the police.

One K Sravanthi of Misrigunj said that in 2011, her mother had borrowed Rs 4.5 lakh from a private financier, Ramesh of Vanasthalipuram, and till date, they had paid Rs 20.1 lakh, but the financier was still harassing them. “He even took possession of our plot in Vanasthalipuram and is now threatening my techie husband and me to pay more or face dire consequences,“ Sravanthi said.

In a similar incident, A businessman, Md Kaleem of Bhavani Nagar, said that for the Rs 18 lakh he had borrowed from illegal financiers, he had already paid over Rs 50 lakh and sold his house and three chicken centres. “However, the debt never clears, “he said.

Many more victims approached the police and echoed the same plight.

The police registered 15 cases against these illegal financiers and will carry out further probe. “Police have prepared a list of 40 illegal financiers against whom the Preventive Detention Act could be invoked. These people lent money by charging exorbitant interest and accepting collateral security, within a month, about 20 financiers will be sent to jail, “Deputy Commissioner of Police (South Zone) V Satyanarayana said.