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Two illegal money lenders arrested
Two illegal money lenders arrested. The Tappachabutra police on Saturday arrested two private moneylenders who were allegedly charging exorbitant interest on loans.
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Hyderabad: The Tappachabutra police on Saturday arrested two private moneylenders who were allegedly charging exorbitant interest on loans. A cash amount of Rs 5.5 lakh, 44 small chits, five account registers, 21 promissory note papers, 61 blank promissory notes and 54 passbooks of various banks were recovered from the possession of the financiers.
During the investigation, it was revealed that Jagadeesh Parshad Jaiswal (75) and his son Naveen Prasad Jaiswal (39), residents of Arya Samaj in Karwan area, were harassing poor people by charging sky-high interest rates. The police acted based on the complaint filed by Ponnala Raju of Gudimalkapur who alleged that he ended up paying an interest of Rs 48,000 for a loan amount of Rs 20,000 he borrowed.
Cases under 384, 420 IPC sections and 3(5) (a)(b) and 13 (a)(b)(c) Sections of the AP (Telangana area) Money Lenders Act were registered against the accused. The accused have been produced before the court for judicial remand.
