HYDERABAD: Cracking down on the illegal finance business in the Old City, city police arrested 12 private financiers on Thursday and recovered several documents. On specific information that financiers have been lending money at a high interest rate, the south zone police raided the premises of financiers at Charminar, Bhavani Nagar, Chandrayangutta and other places and arrested them.
According to police, the financiers were lending money to petty businessmen like roadside hawkers for a high interest rate.
“In some cases, the interest rate even touches 50 per cent per day,’’ a police officer said.
Police sources said the financiers used coercive measures to get back their money and took important documents like ration cards.
The arrested are G Madan Yadav, G Sai Kumar, A Arjun, Charan Singh, A Dasarath, A Sonu, Narender, Manohar Lal, A Prabhakar, B Sudershan, R Pappulal Prajapathi and Mohd Khalid.