Gujarat: Student Charged Exorbitant Interest Rates, Beaten By Moneylenders

| Updated: January 5, 2022 10:48 am

Yet another incident of illegal moneylenders turning the life of the borrower hell by charging exorbitant interest rates and harassing them to no end has surfaced in Ahmedabad. A student has registered a complained to police against moneylenders Ashish Desai and Rahul Desai.

It is pertinent to know that a couple from Sola had to resort to suicide, unable to bear the harassment of moneylenders form whom they had misfortune to borrow money.

The student, resident of Chandkheda has complained that he had borrowed Rs.10000 for paying college fees of his friend. His troubles did not end even when he paid Rs.24000 as interest. The lenders wanted Rs.1000 more as interest and when the student could not pay, a daily penalty of Rs. 4000 was charged to make the demand of Rs. 30000.

The student has alleged that the moneylenders beat him up as he could not pay. The incidents such as this are reported every now and then in Ahmedabad and Gujarat. The menace of the illegal moneylenders without any controlling or monitoring mechanism is dangerous for the people in dire need of money who fall prey to such unscrupulous elements as they do not have any other options.

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