Bikaner loan mafia sucking people’s hard-earned money

BIKANER: Loan mafias are active in Bikaner district and they even duped police officers. There are allegations from within the force that the mafias have backing of a section of policemen.

The gang lures people to invest in land projects offering lucrative returns but most people failed to get their money back. The gang also lands money to people with higher interest rates and forces them to repay.

The activity of the mafias came into light after a man named Zakir Husain committed suicide on June 2 blaming the gang. Property dealer Bajrang Modi and his partners are accused in the case registered at Nayashahar police station.

ASI Karnidan (name changed) said he invested about `10 lakh in a property deal with Modi but yet to get his money back. Another victim Imran (name changed), a relative of a former governor and a senior bank officer, also became a victim of the gang.

Jitendra Mali, who borrowed `10 lakh from Modi, was forced to repay about `50 lakh. Mali and his father sold their parental property and his father gave money he got from retirement to get rid of the trap. Amandeep Kanda, who lost `37.50 lakh to the gang, said: “I lodged a complaint against Modi for forgery at Kotgate police station in 2015 but police didn't take any action.”

SP Amandeep Singh Kapoor told HT that the police have got several complaints against the gang. “We are examining old cases to book the culprits,” he said.

Another ASI, who refused to identify fearing action, told HT that unfortunately the police were also supporting the crooks. “We all know how and why,” he said without elaborating. According to sources, Modi and his group are working for a jailed arm supplier.

They said the gang has been operating for a decade. An estimate suggests that more than 500 people were their victim but 28 people have lodged police complaints against them. Modi identifies disputed lands/buildings and asks people to invest in them. If the market rate of the disputed property is `7 crore, the gang would buy it for `2 crore. The gang buys property using money borrowed from people, who wants to make quick profits. When after years, the building remains unsold and investors fail to recover their money, the gang offers them loan at higher interest rates and forces them to enter in its trap.