Hyderabad Police have started a strict vigil on the illegal money lenders in the capital city. Old city is becoming a hub for illegal financiers who squeeze money out of daily wagers and lower middle class families. These lenders squeeze interest rates as high as 25% and use threats and weapons to recover the money.
The police have a list of 50 such people are exploring all the ways to send them behind the bars. Most of these money lenders already have rowdy sheets on them. Several of them also have politicians backing them.
The police is planning to use the Telangana Money Lending Act, Section 384 (extortion), 506 (criminal intimidation) and 420 (cheating). But the frequent problem in booking these loan sharks is that the victims are made to change their version in courts either by threatening or luring them with money.
