Financiers arrested for usury in Saroornagar

Hyderabad: The Cyberabad East Special Operations Team police nabbed three private financiers who were charging exorbitant rates of interest in Saroornagar. The trio was identified as S. Hemaraj, S. Vishwaraj and S. Sainath. Police seized original sale deeds and land documents from the gang which it had secured in mortgage from people who had borrowed money.

SOT additional DCP, Cyberabad East, E. Ramchandra Reddy said the accused gave hand loans to needy people at high interest rates.

“At the time of giving the loan, they take signatures on blank promissory notes and blank cheques. They take possession of property documents of the people who take loans. The amounts paid every month are adjusted towards interest, while the principal amount remains. In some cases, they threaten people and take possession of their properties illegally.” he said.

Police seized original sale deed, link documents of land, gift deeds, partition deeds, simple mortgage deeds, mortgage deed, redemption documents, mutual hand loan agreements, promissory notes, patta documents and pass books, blank signed cheques from the trio.