CCB busts illegal money-lending racket

NT Correspondent

Bengaluru: The Economic Offences wing of the Central Crime Branch (CCB) raided several places in the city and nabbed three people involved in running an illegal money-lending business charging exorbitant interest rate from the customers here.

The accused were identified by the police as Venkatesh, a resident of Chamarajpet; Sheela, daughter of an Assistant Sub-Inspector of Police (ASI) and a resident of Basavanagudi; and Jagadish, a rowdy sheeter of Kamakshipalya Police Station.

The police said that the accused have been booked under the Money Laundering Act. According to the police, raids were carried out at different places including Basaveshwara Nagar and City Market in Bengaluru after the CCB had received credible information of the illegal money-lending business.

Following the arrest, the CCB recovered Rs 23,42,400 in cash, 127 grams gold ornaments worth seven lakh, 10 kg silver ornaments, 109 blank cheques, 50 Demand promissory notes, 42 blank bond papers, 85 purchase orders, 35 loan documents, 11 e-stamp papers, 45 pocket notebooks, 15 agreements and six Rolex wrist watches from the accused person's possession.

The police also said that the statements of their customers have also been recorded in which a few have alleged that they were harassed by the lenders forcing them to pay high interest rates. Further probe is underway.