Kerala   

Money-lending institutions raided

KASARAGOD: The police on Saturday conducted inspections at money-lending institutions in various parts of Kasaragod and Manjeswaram and seized evidences of illegal transactions worth several crore rupees. Eight persons were arrested following the inspections.

The arrested are Shridhar Shetty and Shridharan, both residents of Muttom; Muhammad Haneef, a resident of Vorkkady; Karunakara Bhandary a resident of Uppala; Lakshmisan and Pravin Poojary, natives of Manjeswaram; Damu, a native of Kudulu; and Muhammad Kunhi, a native of Fort Road. All the arrested ran various money-lending institutions and were found to have violated provisions of the money lender’s Act.

Sources in the police said they had seized documents of illegal transactions which included real estate deals. The total value shown in the seized deals is being estimated.

Apart from conducting inspections at financial institutions, the police also raided homes of moneylenders in the district.

The police had received a large number of complaints recently that moneylenders were charging exorbitant interests from borrowers and were pushing people into debt traps.

The police team was lead by Deputy Superintendent of Police P.A. Vatsan.

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