Authorities in Odisha’s Gajapati busted a supposed prohibited money-lending racket,
detaining a male implicated of charging high interest on loans and accepting bikes and cellphones as security, while taking money, lorries and other vowed possessions.
< img src ="https://img-cdn.publive.online/fit-in/1280x960/filters:format(webp)/odishatv/media/media_files/2026/06/11/illegal-money-lending-racket-busted-in-odisha-over-rs-3-61-lakh-cash-137-bikes-and-150-mobile-phones-seized-2026-06-11-20-02-31.jpg" alt ="Illegal money lending racket busted in Odisha; over Rs 3.61 lakh cash, 137 bikes and 150 mobile phones seized">
137 took bikes kept at the police headquarters in Gajapati district Photograph: (OTV)
A significant prohibited money-lending operation was uncovered in Odisha’s Gajapati district, with authorities apprehending on Thursday a guy implicated of running a high-interest loan racket by accepting bikes and smart phones as security from debtors.
The implicated has actually been determined as K. Ravi Reddy of the Adaba location in Gajapati district.
According to the cops sources, K. Ravi Reddy had actually apparently been participated in unauthorised loaning activities for a number of years, providing loans to individuals in exchange for promised bikes and cellphones.
Cops declare that Ravi Reddy charged a rate of interest of Rs 10 for each Rs 100 obtained, totaling up to a high 10 percent rate of interest. The supposed service brought in debtors from various locations who transferred their belongings as security versus loans.
Performing on a tip-off, Adaba Police performed a raid at the implicated’s house and discovered a big amount of promised possessions. Throughout the operation, cops took 137 motorbikes of numerous brand names, more than 150 cellphones and money amounting to Rs 3,61,200.
Authorities believe that the retrieved cars and smart phones came from various customers who had actually mortgaged their possessions in exchange for loans. Authorities are now taking a look at records and validating ownership information to determine the people connected to the taken products.
Following the raid, the implicated was apprehended and reserved under arrangements connected to unlawful money-lending activities, unfaithful and other appropriate offenses. Cops have likewise invoked areas linked to unauthorised monetary deals and are examining whether the operation included a bigger network.
The seizure is being thought about among the considerable crackdowns on prohibited loaning activities in the area. Authorities authorities stated even more examination is underway to identify the complete scale of the operation and recognize any extra individuals included.
No remarks were gotten from the regional cops in this regard.
