AP moneylenders active in north TS

Private moneylenders from AP are active in villages and tribal areas in north Telangana districts, pumping in crores of rupees in the form of loans and collecting exorbitant interest per week.

These private moneylenders are making crores of rupees with the support of the local authorities.

Police recently arrested seven moneylenders from Kakinada and Rajahmundry on charges of exploiting the gullible in north Telangana villages. There have been many instances of moneylenders harassing and even torturing their victims for repayment of the loans.

Mostly active in agency areas of Adilabad and Kumaram Bheem Asifabad districts, these moneylenders go about their business without any a care, violating the Regulation of Private (Telangana area) Moneylenders Act.

These moneylenders have given `1.22 crore in loans to the people in old Karimnagar and Medak districts alone, according to estimates and have so far collected `52 lakh from their victims. They forcibly take possession of the movable or immovable property of their victims in case the loans are not returned, with the exorbitant interest.

Inspector S. Srinivas Rao of Karimnagar II-town said that one M. Satti Reddy along with others of Anaparthy village in East Godavari district has been running illegal moneylending business in the villages of Karimnagar over the last two years. These moneylenders charge interest at the rate of 7 per cent per week and visit the villages once every week for collections.

Private moneylenders make crores of rupees with the support of the local authorities.

These moneylenders have given `1.22 crore in loans to the people in old Karimnagar and Medak districts alone.