Chit fund business thriving in Andhra Pradesh

DECCAN CHRONICLE.
Published Feb 10, 2018, 3:05 am IST
Updated Feb 10, 2018, 3:05 am IST
The new walking track will be available for use from February 11
llegal finance companies and chit fund businesses have come under the scrutiny of the government as many people are becoming victims of such illegal business in the state.
 llegal finance companies and chit fund businesses have come under the scrutiny of the government as many people are becoming victims of such illegal business in the state.

RAJANNA SIRCILLA: Illegal finance companies and chit fund businesses have come under the scrutiny of the government as many people are becoming victims of such illegal business in the state.

Task force teams have been conducting raids on the houses of the owners of the business since Wednesday in Rajanna Sircilla district. The continuous raids  has brought some relief to the victims and given them hope of getting away from the harassment of the loaners.

 

The state government has taken serious note of owners of illegal finance companies who sometimes resort to heinous acts like kidnapping family members as mortgage to get their money back. The task force members seized documents and `2 lakh cash from one Ganesh of Sainagar in Vemulawada who runs a finance business.

They took into custody10 persons involved in the business and interrogated them in Sircilla, Yellareddypet and Vemulawada.

The  business drew attention of everyone when many victims of controversial ASI Mohan Reddy of Karimnagar city came out openly against his harassment and torture for the repayment of the loans and grabbing their assets illegally even after clearing loans they had taken from him.

Recently, a victim of ASI Mohan Reddy died of cardiac arrest fearing that he  would lose his house to Mohan Reddy in Karimnagar.





ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT