Illegal moneylenders do a business of about Rs.2,000 crore in the State every month, Home Minister Ramesh Chennithala has said.
Speaking at a workshop on strategies to deal with the blade mafia held in Kochi on Friday, Mr. Chennithala said: “The Reserve Bank of India has issued fair practice code for lenders. Strict action will be taken against those money-lending institutions that do not follow the code.” The police will probe large non-banking financial institutions that do not follow laws. Allegations that certain police officers were making arrests under Operation Kubera to settle personal scores would also be investigated, he said.
The Minister said he would meet Union Finance Minister Arun Jaitley on Saturday to discuss the prevalence of illegal moneylenders in the State and measures to fight them.
Senior police officers from the Ernakulam range attended the workshop. “Transfers of police officers will be made later depending on performance in the drive,” he said.
