H.K. Krishnamurthy, Assistant Commissioner of Shivamogga subdivision, has directed the village accountants and revenue inspectors to collect information about moneylenders collecting exorbitant rates of interest on loans extended to farmers in villages.
Speaking at a meeting of a committee formed to keep a tab on moneylenders here on Friday, Mr. Krishnamurthy urged the police and revenue officials to conduct surprise raids on the houses and offices of moneylenders and examine all documents. If the moneylenders were found employing intimidating tactics to recover the loan and charging exorbitant rates of interest, then cases under Karnataka (Prohibition of Charging Exorbitant Interest) Act and Karnataka Moneylenders Act should be booked against them.
