
GADAG: Many families in the Gadag district are leaving town unable to stand torture from microfinance companies. People are complaining finance companies have been taking bonds worth Rs 1.5 lakh before extending a Rs 50,000 loan.
In one such case, a hotel owner in Gadag locked his hotel and shifted to another town with his family as he was being harassed by a microfinance company. Parashuram Habib had a canteen in the APMC Yard of Gadag town. He recently made a video call to his friends from a secret place and told them that he has decided to commit suicide as he cannot bear the torture of the finance company.
He told them that he now has a liability of Rs 60 lakh as he had to pay the interest every week and has got himself trapped. He did not tell his friends what was the amount he borrowed. His brother too does not know. Parashuram said that the husband of a woman constable was harassing him to repay the loan. The husband also threatened that he would murder Parashuram if the money was not paid soon, he added.
A close friend of Parashuram said, “I knew that Parashuram had some debt and he was tense for the last few days. He used to tell us that he was being harassed by loan sharks.
But we did not know that it was this bad. He has shifted to some other town and is not answering any calls. His family members are worried that he would commit suicide. This is not the case of only Parashuram, many others in Gadag are in a similar situation.”
Members of Samruddhi – a farmers’ organisation, in Naregal recently complained to the police that nearly 30 youth have committed suicide after they were trapped in the vicious and prohibitive interest rate cycles.