In a crackdown on usury, as many as 49 financiers were arrested for allegedly lending money at exorbitant rates of interest and Rs 65.52 lakh cash seized from them in nearby Ramagundam Monday, police said.
Based on information that a large number of private financiers were indulging in usury, the Task Force Police personnel carried out raids and arrested 49 lenders, Ramagundam Police Commissioner V Satyanarayana told reporters.
The financiers were collecting daily interest from the poor and middle class people and in many cases had taken property documents as security. In case of default, they threatened their customers through anti-social elements, he said.
Documents, including blank cheques, ATM Cards, stamp papers, registered sale deeds and title deeds, pledged by the loanees, were recovered during the raid, he said adding 70 other lenders were absconding.
Disclaimer: No Business Standard Journalist was involved in creation of this content
