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Mumbai

Updated on: Friday, January 07, 2022, 06:52 PM IST

Mira Bhayandar: Loan sharks on cop radar

Mira Bhayandar: Loan sharks on cop radar | File photo

Mira Bhayandar: Loan sharks on cop radar | File photo

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The Mira Bhayandar-Vasai Virar (MBVV) police has finally focused attention on illegal moneylenders operating in the twin cities. To weed out this menace, senior MBVV officials have appealed to citizens to share any relevant information about fleecing tactics of such loan sharks at the nearest police station without any fear or hesitation.

A press release issued by the police stated that due to the rise in illegal money lending activities, the local police stations and other units including the crime branch have been directed to train their attention on this menace and take stringent action against offenders.

The patrons of such loan sharks are especially daily wage workers, auto-rickshaw drivers, construction laborers, and low-salaried servicemen who seek small loans at exorbitant interest rates. This section of the society is those who are often turned away by banks.

Consequently, this vacuum has been occupied by the unorganized sector of moneylenders. Some loan sharks are engaged in daily recovery of principal amounts along with high-interest rates, knowing the desperation with which borrowers seek loans. Moreover, the borrowers seldom register complaints out of fear from such loan sharks who deploy goons for recovery and intimidation.

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Published on: Friday, January 07, 2022, 06:52 PM IST
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