Adilabad: 18 moneylenders booked for fleecing public with exorbitant interest rates

Adilabad police booked 18 people for charging illegal interest rates during surprise raids. Authorities seized gold, silver, and documents. SP Akhil Mahajan warned of strict action against unlawful moneylending and exploitation of distressed borrowers.

Adilabad: Police booked 18 persons for allegedly fleecing the public by lending money at exorbitant interest rates during surprise raids across the district on Friday. They seized 12 grams of gold, 235 grams of silver ornaments, promissory notes, cheque leaves, bond papers and sale deeds.

Superintendent of Police Akhil Mahajan said 43 teams were formed to conduct simultaneous raids on moneylenders under the limits of 10 police stations in 13 mandals of the district. Cases were registered against 18 persons for charging higher interest rates than permitted.

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Mahajan said some lenders were exploiting people in distress and extracting exorbitant interest, in some cases transferring their assets. Certain jewellers were also lending money against pledged gold ornaments. He warned that stern action would be taken against those indulging in unlawful lending practices.