Hyderabad

4 arrested for illegal money lending

Hyderabad Police Commissioner’s Task Force team (North) on Tuesday apprehended four people who were part of an unauthorised money lending business.

However, main organiser of the illegal business, P Elango, who is a resident of Madhura Nagar, is absconding. He used to operate his business through four agencies.

The Task Force’s Deputy Commissioner of Police (DCP) stated that to expand his business, Elango appointed four sub-organisers and 24 employees to collect the interest amount from the borrowers without holding valid licence.

The organisers used to lend money at high rates of interest ranging from almost 8-10%. Depending on the need of borrowers, sometimes they forcefully collected higher interest rates.

On Tuesday, based on credible information, the Task Force team laid a trap and apprehended the four accused sub-organisers, Jayakumar, Ayyavunadar Peria Swamy, Karupaiaya Rajkumar and Darmaraj Sivabalan, all of whom are natives of Tamil Nadu.

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Printable version | Jun 5, 2020 5:27:56 AM | https://www.thehindu.com/news/cities/Hyderabad/4-arrested-for-illegal-money-lending/article26587236.ece

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