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Illegal money lending racket busted; 4 held
Hyderabad: The North Zone Task Force sleuths on Tuesday busted an unauthorised money lending racket and arrested four persons. The police seized net...
Hyderabad: The North Zone Task Force sleuths on Tuesday busted an unauthorised money lending racket and arrested four persons. The police seized net cash of Rs 6.83 lakh and other finance registers and books from the possession of the accused. According to Task Force sleuths, on credible information they conducted raid on a house at Madhura Nagar in Warasiguda and apprehended four Jayakumar (33), A Peria Swamy (33), K Rajkumar (30) and D Sivabalan (22) who are sub-organisers of the illegal money lending business.
The main organiser P Elango, native of Tamil Nadu is running illegal money lending business in the name of Sri Venkateswara Finance, Sai Krishna Finance, Om Ganesh Finance and M/s Sai Akil Finance and to develop his money lending business he appointed four sub-organisers belonging to Tamil Nadu along with 24 employees to collect interest amount from borrowers without valid license from the concerned authorities and top gain illegal easy money.
The money lending organisers used to attract customers by lending money to petty general shop vendors, pan shop vendors, auto drivers, tea stall vendors, daily wage labourers who are in need of urgent amount and charged high rate of interest about 8 to 10 per cent. They have invested Rs 25 to 30 lakh on money lending business and are collecting the amount for 100 days to 120 days in equal instalments from borrowers. Police said efforts are on to nab the main organiser Elango.