Malkajgiri cops arrest 4 women for operating illegal finance racket | Hyderabad News

Hyderabad: Four persons allegedly involved in an illegal finance business and accused of harassing loanees by charging exorbitant interest were arrested by Malkajgiri police on Thursday.“The accused persons — K Nagamma, K Gangamma, Mangamma and Anasuya — allegedly conspired and formed an organised gang that operated through a network of financiers and intermediaries. The gang targeted financially distressed persons, senior citizens, employees, businesspersons and others in urgent need of financial assistance,” Malkajgiri police commissioner B Sumati said.Officials said the accused deducted a substantial portion of the promised loan as advance interest before disbursing the loans.“The gang obtained promissory notes, bonds and blank signed cheques for amounts substantially higher than the sums actually advanced. Even after borrowers claimed to have repaid their loans, the accused retained their financial documents and continued demanding additional money. When victims questioned the transactions or sought the return of their documents, the accused threatened them with criminal cases, physical harm and other consequences,” police said.Explaining the ordeal faced by the victims, police said that in one instance, a woman doctor, who sought finance to purchase an AI-based cancer detection machine, was harassed without receiving the finance.“The accused collected money, obtained several financial documents and forcibly took possession of her Skoda car and Toyota Innova Hycross. In other instances, a private teacher, a driver, his friend and a retired veterinary department employee were allegedly subjected to similar financial exploitation and intimidation,” police said.