Telangana: Eleven moneylenders booked for fleecing public in Adilabad

Eleven moneylenders were booked for allegedly charging exorbitant interest rates during surprise raids conducted on financiers across the district on Sunday

Adilabad: Eleven moneylenders were booked for allegedly charging exorbitant interest rates during surprise raids conducted on financiers across the district on Sunday. Police seized promissory notes, stamp papers, blank cheque leaves, and sale deeds of assets from the moneylenders.

Police said that cases were booked against Ademalla Narayana Reddy, Mohan, Utturvar Anand, Narlavar Radhika and Sambavashiv, Marate Hemanth Kumar from Adilabad town, Enugu Laxma Reddy and Gopidi Naveen Reddy of Mavala, Annam Prabhakar of Rampur, Gandrath Ashok of Kapparla, and Jitta Sudarshan Reddy, a resident of Nippani village, for collecting higher rates of interest than usual.

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Led by DSP L Jeevan Reddy, 20 teams of police carried out raids on the illegal financiers who allegedly fleece the public by charging hefty interest rates. Jeevan Reddy warned that registering assets against loans was an offence and that stringent action would be initiated against such moneylenders.