Durg, Chhattisgarh: In a major crackdown on illegal moneylending, Durg Police have arrested a notorious loan shark accused of extorting large sums of money from borrowers by charging exorbitant interest rates. The accused was found in possession of multiple cheque books, written agreements, and moneylending-related documents, triggering panic among those involved in unlawful lending activities in the region.
Arrest Made in Padmanabhpur Area
The case pertains to the Padmanabhpur police station area of Durg district, where a young man filed a written complaint alleging harassment and illegal recovery by the accused, identified as Harish Parakh. According to the complaint, the victim had borrowed ₹160,000 for medical treatment after falling seriously ill.
The accused allegedly charged an interest rate of 10 percent and, when the victim failed to repay the amount on time, illegally inflated the loan. Under the pretext of interest, Parakh reportedly recovered nearly ₹300,000 from the victim.
Forced Cheques and ₹2.2 Million Demand
Police investigations revealed that the accused forcibly obtained signatures on 11 blank cheques from the victim. Despite already recovering more than the original loan amount, Parakh allegedly demanded an additional ₹2.2 million (approximately $26,000) and continuously threatened the victim, causing severe mental harassment.
Distressed by the constant intimidation, the victim approached Padmanabhpur Police Station and submitted documentary evidence, cheque details, and other supporting materials.
Key Documents Seized, Probe Ongoing
Taking the matter seriously, Durg Police launched an investigation and arrested the accused. During the search, police seized 11 cheque books, multiple signed agreements, and documents related to moneylending, including a moneylender’s license.
Police officials stated that interrogation is currently underway to determine how many more people may have been trapped in the accused’s illegal moneylending network.
Authorities have assured strict action against those involved in unlawful lending practices and urged victims to come forward without fear.