Raid on illegal auto financier in L.B.Nagar, one arrested

  • Raid on illegal auto financier in L.B.Nagar P.S limits – one auto financier held – 37 auto RC books and permits and blank cheques, bond papers, one auto and cash Rs.32,870/- seized from his possession.

Hyderabad, September 4 (Maxim News): The sleuths of SOT L.B.Nagar Zone, Cyberabad East Commissionerate apprehended one auto financier in L.B.Nagar P.S limits who is running auto finance business without license and charging exhorbitant rates of interest and extracting money from the innocent public.
Today, the sleuths of SOT L.B.Nagar Zone, Cyberabad East apprehended one auto financier in L.B.Nagar P.S limits who is running auto finance business without obtaining license from concerned authorities and charging exhorbitant rates of interest and extracting money from the innocent public. The accused forward handloans to the needy innocent auto drivers on high rates of interest ranging from 3% to 5% per month. At the time of taking the handloans he keeps the original RC books and permits of the autos apart from taking blank signed cheques and signatures on blank non-judicial stamp papers at the time of forwarding the auto loan. The amounts paid monthly is adjusted as interest while the main loan amount remains unpaid. He starts threatening the borrowers and sometimes takes away the autos of the borrowers and retains with him till the loans are cleared.

The details of the documents seized from the accused are:
1. Original RC books and permits of autos : 37
2. Cheques, blank non-judicial stamp papers : 09
3. Auto bearing no.AP 13W 2672
4. Cash Rs.32,870/-
Details of the accused person arrested:
Ch.Janga Reddy S/o Sri Ch.Ramulu age:45 Occ:Auto finance business R/o H.No.10-4-99/1, Althaf Nagar, Byramalguda, L.B.Nagar, Hyd

The arrests were made under the direct supervision of E.Ramchandra Reddy, Addl DCP, SOT Cyberabad by K.Narsing Rao, Inspector of Police, P.Anjaneyulu and staff of SOT L.B.Nagar Zone, Cyberabad East Commissionerate. (Maxim News)

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