Hyderabad Police Crack Down on Private Money Lenders

Published: 11th December 2014 09:31 PM  |   Last Updated: 11th December 2014 09:31 PM   |  A+A-


HYDERABAD: Police on Thursday conducted a special drive against illegal private financiers, who were fleecing customers by charging them exorbitant rate of interest.

Persons with criminal background were also found to be linked to this unlawful business.

As part of the drive, simultaneous raids were carried out at different places and 12 cases so far filed against those involved in unlawful finance business under relevant sections of Telangana State Money Lending Act, police said.

Police found that three notorious history-sheeters -- Chota Mohd Pahelwan, Salam Pahelwan and Jaffar Pahelwan - were also part of this lending business and cases are being lodged against them, DCP (South Zone) V Satyanarayana said.

He said the raids was conducted following instances of harassment by money lenders, who were charging interest up to 30-40 per cent from their customers, most of them poor.

"The private financiers were collecting higher rate of interest and harassing the poor besides indulged in illegal activities and atrocities on women and elderly citizens," the senior police officer said.


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