The Cooperative Department, in collaboration with local authorities, recently conducted a raid on the residence of two suspects in Makhmalabad suspected of engaging in illegal money lending activities. During the operation, authorities seized a significant amount of incriminating evidence, including stamp papers, blank cheques, loan records, and interest recovery documents.
The suspects, identified as Praveen Dnyaneshwar Kakad (38) and Popat Vasant Kakad (41), residents of Mankar Mala and Shantinagar respectively, were found to be operating as private moneylenders without the necessary license since 2008.
Crackdown on illegal money lending
The crackdown on illegal money lending comes in the wake of a complaint filed by Ramdas Mogul to the Niphad Assistant Cooperative Registrar's office. Acting on the complaint, a team led by auditor Ravindra Gunjal of the Yeola office raided the suspects' residence. The search yielded substantial evidence, including 46 agreements, 107 cheques, 44 blank stamp papers, and 3 diaries detailing loan payments and interest recovery.
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According to reports, the suspects had distributed loans to approximately 125 to 150 individuals, charging exorbitant interest rates of 5 percent per month. Additionally, some victims had their properties seized by the suspects due to non-payment of debts. It is estimated that the illegal money lending operation had a significant impact on the community, with widespread repercussions.
Both suspects have been charged under the Money Lending Act, and an investigation into their properties is currently underway by the Mashrul police. Senior Police Inspector Subhash Dhavale emphasised the seriousness of the crime and instructed the investigative team to conduct a thorough inquiry. He assured that appropriate action would be taken against the perpetrators once the investigation is complete.
