49 Illegal Money Lenders Arrested In Ramagundam

Hyderabad, May 20 (Maxim News): Ramagundam police arrested 49 illegal money lenders belonging to Peddapalli and Mancherial districts.

Addressing the media in Ramagundam, Police Commissioner V Satyanarayana said they have seized Rs 65.53 lakh. He said 79 other money lenders were absconding. He said they would soon arrest them soon. The Commissioner alleged that private money lenders from Ramagundam were doing the illegal business by receiving bonds and promissory notes to lend money at higher interest rates.

He also said the money lenders were keeping registered documents of lands of innocent people to extend loans to them. He said they conducted raids simultaneously at the houses and offices of the money lenders and seized 1,235 promissory notes, 1019 blank cheques, 371 ATM cards, 175 bond papers. The Commissioner warned the money lenders of severe action. (Maxim News)