Private moneylenders in Hyderabad are allegedly using unlicensed chit fund operators to continue illegal lending activities amid intensified police action. Investors are reportedly suffering heavy losses, while operators are accused of coercion, political backing and charging exorbitant repayment amounts.
Amberpet police arrested four alleged illegal moneylenders after three members of a family died by suicide in Bapu Nagar. Suicide notes reportedly blamed loan harassment. Police booked the accused under Section 108 of the Bharatiya Nyaya Sanhita and remanded them to custody.
Srikant, a Vanasthalipuram resident, died by suicide after alleged harassment by money lenders over a Rs 2 lakh loan. He recorded a farewell video for his family before consuming pesticide. Police have registered a case and begun an investigation.
According to a suicide note purportedly written by Ashok, the fertilizer trader lend Rs 60 lakh to Rakender of Hasnpur village. He was depressed when Rakender did not repay the loan despite repeated requests
