On Friday, the Ramagundam Commissionerate police broke down on unauthorized financial institutions and arrested nine people. Police Commissioner V Satyanarayana said 15 special teams comprising task force, special branch, CCS and local police have been formed to raid unauthorized finance companies that are collecting high benefits from innocent people in the name of daily financing.
These teams raided illegal finance companies in Peddapalli and Manchester districts. Raids were also carried out at daily financiers' homes, which were charging high interest from the people in the name of Girigiri (Daily Finance). In Manchester, Adepu Shankar (Sri Venkateswara Hire Purchase), Bhupathi Mallesh, Embati Satyanarayana and Gunta Ilayya of Navbharat Finance), Chi Tirupati, Aluga Srinivas of Snehajali Finance were arrested.
Mark Sadayya of Rajiv Nagar of Peddapalli, Horse Srinivas of Godavari hani and Shyam Sundar of Godwarikhani's Shakti Jewellery were also arrested. They have recovered Rs 12 lakh cash, 283 empty cheques, 198 empty promissory notes, 16 bank passbooks, 45 ATM cards, 488 customer loan files, 8 daily registers, bank statement files, receipt books, company registration certificates and customer insurance certificates.
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