Generally it is the small businessmen in twin cities who fall prey to loan sharks. By the end of the day the money lenders squeeze their hard-earned money out of them. Vendors and those doing business on footpaths around Charminar are mostly targeted by unscrupulous lenders. Similarly small businessmen of Sultan Bazaar, Kothi, Dilsukhnagar, Ameerpet are in similar condition.
Businessmen borrow Rs/- 9000 in the morning and have to repay Rs/- 10000 in the evening. In case of non-repayment additional interest is levied. Many don’t have good business for the day in that case they try to hide themselves from the financers when the collection agent arrives at nearly 8 pm. But this effort is not worthwhile because if they don’t pay one day’s amount they have to shell out nearly half the amount as interest the next day.
Most of the illegal financers have political backing and they can go to any extent to squeeze money out of borrowers.
Siasat news