Seven arrested in Malkajgiri for alleged illegal lending racket
The gang allegedly targeted distressed individuals by collecting advance interest and using blank signed cheques to demand more money, according to The Hindu.
The Special Operations Team (SOT) of the L.B. Nagar Zone arrested seven people on Thursday for allegedly operating an illegal lending network within the Malkajgiri Police Commissionerate limits, according to The Hindu.
The accused include Kumbam Nagamma, 48, Kandela Gangamma, 45, Kandela Mangamma alias Rani, 36, and Adulla Anusha, 32. Kandela Shiva Kumar alias Varun, 24, Vagrigiri Indramma alias Y.V. Indra, 38, and Gaikwada Swapna, 32, were arrested on October 26.
Malkajgiri Police Commissioner B. Sumathi said the gang targeted senior citizens, employees, businesspersons, and financially distressed people. The group allegedly promised substantial loans but deducted hefty advance interest and sometimes disbursed only part of the promised amount.
The gang reportedly obtained promissory notes, bonds, and blank signed cheques for amounts higher than the loans advanced. Sumathi said that even after repayments, the group retained documents and demanded more money, threatening those who questioned them with physical harm and criminal cases.
Victims included a retired Veterinary Department employee, a private teacher, a driver, and an elderly woman doctor. In one instance, the accused allegedly took possession of the doctor's Skoda car and Toyota Innova Hycross.
Police seized two cars, nine mobile phones, three smartphones, 25 promissory notes, 22 blank cheques, two Telangana pattadar passbooks, and two sale deeds. Investigators are tracing financial transactions and may seek custody of the arrested persons for further questioning.