SOT cops arrest private financier, collection agent

​Hyderabad: The Rachakonda (East Cyberabad) Special Operations Team police on Thursday arrested two persons for illegally running private finance business and collecting exorbitant interests from the borrowers. The police seized property worth Rs 10 crore from the accused.

On receiving complaints from victims, the sleuths swung into action and apprehended financier A Srinivas (49) of Habsiguda and his collection agent P Veeresham (59) of Ram Nagar, while another Krishna Murthy escaped from the spot.

The police said that the accused Srinivas was running daily finance at his residence without having any registration from the concerned authorities and was collecting high rates of interest up to 20 per cent. He gives loans by taking blank cheques, sale deed documents, patta pass books and title deeds, promissory notes of the customers as surety. He also cheated public by doubling the interest rates when the customer failed to pay the daily installments, the police said.

During raids, the police seized Rs 56.2 lakh cash, 150 cheques, 23 promissory notes, 56 patta passbooks, 93 original sale deeds, 13 bank passbooks and cheque books, two mobile phones and other stationery used to maintain data of the customers.