South Zone Task Force Team Hyderabad on credible information apprehended one accused person by name Mohd Amjad Hussain (44) an Auto garage, Resident of Edibazar, Madannapet, Hyderabad. who found indulged in doing finance business illegally, since two years without any valid license/permit from the competent authorities and collecting excess interest amounts from the borrowers i.e. auto drivers at Edibazar, Madannapet area and seized net cash of Rs 1,600 and two pocket size daily collection diaries from him.
The brief facts of the case are that on Wednesday on credible information apprehended the above said accused person near Fasi General Store, Edibazar, Madannapet, Hyderabad who found indulged in collecting the amounts from the borrowers on high rate of interests (5%) on daily basis illegally without any valid licence/permit from the competent authorities. Also noticed that, he is giving the required principal amounts to the needy borrowers for 100 days by deducting total interest amount for 100 days from the principal amount in advance, thus the party who borrowed the amount has to pay the finance amount in 100 days in equal installments. So far he has given amounts to the various needy borrowers around Rs 5 lakhs and collecting high rate of interests.
Earlier he is also involved in similar finance cases and also involved in a murder case of Madannapet P.S.
Arrested person handed over to Madannapet police station for taking necessary action.
The above arrest was made by K.V. Surya Prakash Rao, Inspector along with sub inspectors B. Madhusudan, J. Rajashekar,Ghouse Khan and D. Venkateshwarlu and staff under the supervision of B. Limba Reddy Additional DCP Task Force. (INN)