9 Fraudsters arrested for running 'illegal' finance business

Hyderabad, June 20: In a major tip-off, Nine people, including three women, have been arrested for allegedly running 'illegal' finance business in the Old City here, police said on Tuesday.

During a special drive conducted against illegal financiers yesterday over 35 people were questioned and nine of them arrested, Deputy Commissioner of Police (South Zone) V Satyanarayana said.

Cases have been registered against them under IPC section 420 (cheating) and relevant sections of Telangana Money Lending Act, he said.

The nine were extending finance to needy people at exorbitant interest rates and taking property documents, blank signed non-judicial stamp papers, cheques among others as collateral security.

The arrested included a businessman RP Narayana, who had brought silver from Tamil Nadu without any proper documentation.

Silver weighing 165 kg and other documents pertaining to lending finance were seized from him, police said.