The finance firms were not registered as well. The operators were found to have collected debit cards and mobile phones before sanctioning loans.
Published Date – 14 April 2024, 06:35 PM
Kumram Bheem Asifabad: Police cracked the whip on illegal financiers by booking five persons who were allegedly fleecing the public by offering loans at exorbitant rates of interest across the district on Saturday night.
Unaccounted cash of Rs.23 lakh and documents relating to loans including 61 promissory notes, 32 blank cheque leaves, were seized.
Superintendent of Police K Suresh Kumar, in a statement, said the accused were Tapase Srinivas and Thanuku Dattadri from Asifabad town, Sabeer, Chidurala Rajasekhar and Santosh belonging to Kaghaznagar.
Fifteen special teams conducted simultaneous raids on the finance firms in Asifabad and Kaghaznagar towns in the district, following a complaint received from a victim.
During the raids, ten persons were found to be providing loans at hefty rates of interest. Police said the accused finance firms were fleecing the public by giving loans for between 5 percent and 20 percent rate of interest.
The teams were surprised to find white papers containing signatures of the loaners. They stated the details of the loans were not recorded on registers.
The finance firms were not registered as well. The operators were found to have collected debit cards and mobile phones before sanctioning loans.
Police warned organising finance firms without obtaining a license from a competent authority was an offence. They stated a watch was kept on the illegal financiers.
They advised the public not to depend on the private money lenders and not to fall prey to the firms. ACPs P Sadaiah, A Karunakar, Inspector G Satheesh and T Srinivas took part in the raids.
