Illegal financier arrested in Hyderabad’s old city

The arrested person is Iqbal Bin Khalifa (53), a businessman from Barkas in Chandrayangutta.

Hyderabad: The Chandrayangutta police arrested an illegal financier on charges of lending money to people and harassing them by collecting higher rate of interest.

The arrested person is Iqbal Bin Khalifa (53), a businessman from Barkas in Chandrayangutta.

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Police said Iqbal Bin Khalifa has been running illegal finance business since the last few years by lending money to his friends and those in the neighbourhood without any valid permission from competent authority.

“He took sureties from people in way of signed cheques and empty promissory notes for hand loans to those in need. He collected huge interests on the principal loan amount. Even after the loan has been repaid, he continued to harass them by extorting more money,” said a police official.

Several of his victims have not come forward to lodge a complaint fearing consequences, the official added.

He was produced before the court and remanded in judicial custody.