Hyderabad, January 21: The South Zone police has arrested four persons for allegedly collecting interest at exorbitant rates from borrowers. The police seized promissory notes, ledger books and daily pocket books from them on Friday. The four arrested have been identified as Abid Ali, Zaheeruddin Sid-diqui, G. Satyanarayana and Charanjeet Singh. Sixteen people have been booked in the last two days for the same offence, and the cops said they are looking for another 34 such illegal financiers. Twelve financiers were arrested on Thursday as part of a special drive against financiers charging excessive interest rates.
The drive began after a married man committed suicide, as he owed about Rs 3 lakh in interest for the Rs 1 lakh he had borrowed from a local financier. Manish Kumar Sinha, DCP, South Zone, said, “There are many illegal financiers, who charge more interest than what the law permits. When we checked, we learnt that these financiers charge 60 to 70 per cent as interest. Most of them are operating from the old city.”
—courtesy:DC