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Financiers fleecing people in Prakasam
Highlights
The name is different, but the modus operandi is same. The Call Money practice in Vijayawada has another face in Prakasam i.e Adjustment. The middle class, who cannot adjust with the harassment of the greedy money lenders, are trying to end their lives in the district.
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Ongole: The name is different, but the modus operandi is same. The Call Money practice in Vijayawada has another face in Prakasam i.e; ‘Adjustment’. The middle class, who cannot adjust with the harassment of the greedy money lenders, are trying to end their lives in the district.
Pamidipamula Nagaraju, resident of Kesavaraju Kunta, is an auto driver. He bought an auto with Rs 50,000 finance on ‘Adjustment’, from Sri Venkateswara Ankamma Talli Auto Finance Company run by S Suresh and I Surya Prakasah.
He is said to be paying the installments regularly, but did not pay the installment for the last month. The finance company forcefully took the auto from Nagaraju after waiting for a week. On Wednesday, one of the owners of the finance company Suresh went to the house of Nagaraju and warned him to pay Rs 1.60 lakh or surrender his house in two days.
Fearing of losing his house, Nagaraju consumed pesticide on Thursday to end his life, but was admitted to RIMS, Ongole by his kin. Adjustment in Prakasam district, is a process of compound interest on the principal amount, but the term is calculated as a day.
The lender takes signed bank cheques, promissory notes or registration documents of assets from the borrower as a guarantee for his money. The person, who takes a loan of Rs 10,000 from the financier, needs to pay Rs 100 per day as interest, apart from the principal amount.
Simply, the financier charges the person an interest rate of 30 per cent per month. The rate increases to even 50 to 60 per cent depending on the urgency of the borrower. Srinivas, an auto driver said, “I borrowed Rs 80,000 for an auto from a financier, without knowledge of the adjustment method of interest.
He assisted in opening a bank account and took the signed cheques, documents of house as guarantee. Now, he is demanding Rs 70,000 as interest to the money for just three months. When I resisted for that much rate of interest, he is now threatening me to vacate my own house. He claims that he is managing the police and lawyers, and no one can touch him”.
However, after the Call Money scandal saw light in Vijayawada, the Praksam police also started rides on the offices and houses of the financiers. Ch Srikanth, Prakasam SP said, “We have raided 80 places of money lenders, including 20 finance offices.
Though the situation in the district is not on the lines of Call Money at Vijayawada, we booked six cases on financiers who are said to be charging large interests from public and resorting to asset grabbing. The people who are facing problems with the lenders can call the helpline number 9440627164 and complain about them. “After verification of the complaint, we would definitely take action against the financiers.”
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