Hubballi Police Bust Illegal Money Lending Syndicate, 23 Arrested
Hubballi, EXPRESS News: Following a recent stabbing incident involving a ninth-grade student who allegedly borrowed money from a private lender, the Hubballi Police have uncovered a syndicate of illegal money lenders operating in the city.
The investigation revealed that these lenders provided loans at exorbitant interest rates and later resorted to extortion and threats to recover the amounts. In response, the police launched a crackdown, resulting in the arrest of 23 individuals.
The operation spanned multiple police station limits, including Vidyagiri, Town, Suburban, and Bendigeri police stations. Police Commissioner N. Shashi Kumar stated that the stabbing incident involving the young boy triggered this extensive action against illegal money lenders, who were found to be lending money to minors and other vulnerable individuals at exploitative interest rates.
These lenders often provided loans by accepting vehicles and properties as collateral and then resorted to threats or coercion to recover the principal and interest. As part of the crackdown, the police seized 10 bikes, 10 mobile phones, plain bond papers, blank cheques, and two sharp weapons.
Commissioner Shashi Kumar issued a stern warning to those involved in the “meter interest” business, urging them to cease their illegal activities or face severe consequences.
