How is the terror of charging 70 per cent compound interest in Gujarat

May 30, 2020

Gandhinagar, 30 May 2020
With the economic downturn and lockdown disrupting people’s financial transactions, the usurers have started terror in many places in Gujarat by charging 30 to 70 per cent interest. In Dhanera, Banaskantha, has terrorism for the last few years. There is a widespread complaint that 70 per cent interest is now being charged from people who cannot pay the interest due to Corona shutdown. Therefore, on May 29, 2020, Dhanera demanded a closed shift justice. The tyranny of the common man has increased as the usurers charge as high as 30%. People have been appearing before the authorities for over a year but no action has been taken against the usurers.

Earlier, complaints were registered against 15 people. Kirtibhai Jesungbhai Chaudhary of Karadhani village in Dhanera taluka had taken Rs 50,000 in interest from Issam, who was running a finance business. Since he could not pay the capital and interest, the usurers asked Kirtibhai over the phone to provide immediate capital with 30 per cent interest. He was beaten in the shop for not being able to pay that much interest.

Abidsha Sai, Jakirsha Shai, Majidsha Shai, Pappanbhai Mangal, all remain at Dhanera police station. Dhanera, Bhamraji Popatji Thakor remain. Karadhani Ta. An investigation was launched by the police against three other unidentified ISMOs, including Dhanera.

Kirtibhai Jesungbhai Chaudhary, a resident of Karadhani village in Dhanera, had taken Rs 50,000 from Pappanbhai at an interest rate of Rs 30,030 seven months ago.
After which, on Tuesday, a person named Jakirsha called Kirtibhai to a shop called Fiza Selection and demanded money with interest and started hurling insults at Kirtibhai.

On September 30, 2019, a large amount of illegal lending business was running baroque in Dhanera taluka, charging 20 to 25 per cent interest. Two people had earlier committed suicide in Dhanera as Pathani was also taking interest in it. But no action is ever taken against such people by the police. People who go to complain from above are being intimidated.

From 2019, small and big traders or lorries in Dhanera were taking rupee at interest to sustain their business as there was no recession. When money is given, interest money is deducted first. If the borrower is late even for one day, he charges 50% penalty. With that comes 70 percent interest. Many young people in interest have fallen prey to these usurpers.

Mahamadbhai Akbar Ali Dedhwala, 70, of Dhanera Vahorvas, had lodged a complaint with the police station that while he was at home with his wife and his sister, Abbas Ahmed Ali Thanawala and Mustafa Abbasbhai Varsadwala of Vahorvas came to the court with sticks in their hands. If you don’t take it back, we won’t let you stay in your house and we will kick you out of the house. Mahamadbhai said that we have returned the rupee taken from you with double interest. Rs 18 lakh was paid against Rs 4 lakh.

On 20th July 2019 in Banaskantha the government has a license to give money at 342 interest. 18 to be taken against the security. If there is no security, it can charge 21 per cent interest. But to suck people’s blood, they are in the business of lending money at interest without a license or license. Are making a fortune on usury. In areas including Palanpur, Deesa, Dhanera, Tharad, Lakhni, diaries and daily, weekly as well as monthly installments are being lent at interest.

The interest on the amount taken from the usurers is so high that, in a few months, the interest exceeds the capital. So man is ruined under the debt of interest. Trapped in a vicious cycle of interest as physical and mental torture begins, creditors are finally taking the path of suicide.