HYDERABAD: Nine folks, including 3 girls, had been arrested for allegedly operating 'unlawful' finance industry within the Old City right here, police said on Tuesday.
During a special drive performed in opposition to unlawful financiers the day gone by over 35 folks were puzzled and nine of them arrested, Deputy Commissioner of Police (South Zone) V Satyanarayana said.
Cases had been registered in opposition to them underneath IPC section 420 (dishonest) and relevant sections of Telangana Money Lending Act, he said.
The nine were extending finance to needy folks at exorbitant interest rates and taking belongings paperwork, blank signed non-judicial stamp papers, cheques among others as collateral security.
The arrested integrated a businessman RP Narayana, who had introduced silver from Tamil Nadu without any correct documentation.
Silver weighing 165 kg and different paperwork bearing on lending finance were seized from him, police said.
During a special drive performed in opposition to unlawful financiers the day gone by over 35 folks were puzzled and nine of them arrested, Deputy Commissioner of Police (South Zone) V Satyanarayana said.
Cases had been registered in opposition to them underneath IPC section 420 (dishonest) and relevant sections of Telangana Money Lending Act, he said.
The nine were extending finance to needy folks at exorbitant interest rates and taking belongings paperwork, blank signed non-judicial stamp papers, cheques among others as collateral security.
The arrested integrated a businessman RP Narayana, who had introduced silver from Tamil Nadu without any correct documentation.
Silver weighing 165 kg and different paperwork bearing on lending finance were seized from him, police said.
9 held for running illegal finance biz in Hyd
![9 held for running illegal finance biz in Hyd]()
Reviewed by Kailash
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June 19, 2018
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