Loan sharks man, son arrested in Hyderabad
The duo were collecting a high rate of interest and providing loans to customers in lieu of blank cheques as a security deposit.
Hyderabad: Father and son due who ran an illegal money lending business charging high rates of interest were arrested by Special Operations Team, Rachakonda on Monday.
The accused have been identified by officials as Hemraj Jaiswal, 52, and Sai Baba, 20, who ran their money lending business in Saroornagar without proper registration from authorities.
The duo were collecting a high rate of interest and providing loans to customers in lieu of blank cheques as a security deposit.
They were also selling Indian Made Foreign Liquor (IMFL) at the premises. Hemraj was assisted by his son Sai Baba, who is a law student.
The officials recovered registration documents, seven non-judicial stamp papers, sale deeds, a car and a bike from their possession.
A case has been registered against them under different Sections of the IPC and the Excise and Prohibition Act at the Saroor Nagar police station.