Mumbai: The Chunabhatti police have registered a case against Rais Yunus Qureshi, a resident of Qureshi Nagar, Kurla, for allegedly running an illegal private lending business and harassing a borrower and his family for loan recovery.
Borrower Claims 20% Monthly Interest on Rs10 Lakh Loan
According to the FIR, complainant Shakir Husain Iqbal Qureshi, a contractor living on Mufti Alam Road in Qureshi Nagar, had known the accused for nearly 10 years and had borrowed and repaid money several times in the past.
In April 2025, Shakir allegedly took a loan of Rs10 lakh from Rais at an exorbitant 20% monthly interest rate.
Between May and July, he claims to have paid Rs5 lakh as interest, calculated at Rs1.25 lakh per month. Shakir was supposed to repay Rs1 lakh of the principal in September but failed due to financial difficulties.
Accused Allegedly Threatened to Deposit Blank Cheques
The FIR states that on September 12, around 11 p.m., Rais allegedly abused Shakir. When Shakir and his family went to the police station to complain, Rais also reached there and allegedly requested more time for repayment, following which Shakir did not file the complaint.
Ten days later, Rais allegedly demanded the money again and threatened to deposit blank cheques Shakir had given him during earlier transactions.
On November 3, Rais allegedly deposited two cheques of Rs9 lakh, which bounced due to insufficient funds. He also deposited another cheque belonging to Shakir’s business partner, Shankar Mhatre, which also bounced.
Harassment Allegedly Drove Borrower to Suicide Attempt
On November 10, Rais sent Shakir a legal notice. The FIR mentions that the continued alleged harassment pushed Shakir to attempt suicide by consuming 30 ZAPIZ 0.5 mg tablets.
His wife rushed him to Noor Hospital, where he received treatment and survived.
Following the incident, Shakir filed a complaint accusing Rais of running an unlicensed moneylending operation and subjecting him to mental and physical harassment for loan recovery.
Case Registered Under Moneylending Act and BNS
Police have booked the accused under Section 4 of the Maharashtra Money-Lending (Regulation) Act, 2014, along with relevant sections of the Bharatiya Nyaya Sanhita (BNS).
Officials said that further investigation is underway.
