Hyderabad: In a crackdown on unauthorised money lending, the South Zone Task Force along with Falaknuma Police arrested a 47-year-old illegal financier who was allegedly exploiting poor and illiterate residents by offering loans at exorbitant interest rates.
The accused, Syed Chand Pasha, a tailor by profession, was operating from the Falaknuma area. According to police, Pasha charged interest rates as high as 20% on the principal loan amount, targeting financially vulnerable individuals in his neighbourhood.
Pasha, who was well known in the area, began this illegal finance business without any government license or authorisation. Over time, he built a network of borrowers, particularly among the underprivileged, who lacked access to formal banking systems.
Upon his arrest, officials seized ₹40,000 in cash, a mobile phone, and a notebook documenting financial transactions.
Authorities have warned the public to remain cautious of unauthorised lenders and encouraged victims of such exploitation to come forward. Legal proceedings are underway.