Fadnavis Crackdown on Usurious Money Lenders in Maharashtra
Maharashtra's CM Devendra Fadnavis announced strict penalties against money lenders violating interest rate norms. A case involving a farmer trading his kidney for loan repayment highlights the issue. A SIT will investigate these practices, with potential use of MCOCA depending on findings.
- Country:
- India
Maharashtra Chief Minister Devendra Fadnavis has committed to initiating strict actions against licensed money lenders who charge exorbitant interest rates beyond the legal limits, with penalties including revoking licenses and asset seizure.
In a legislative council session, Fadnavis addressed concerns over moneylender harassment, citing a concerning incident in Chandrapur, where a farmer reportedly traded his kidney to repay a private loan. The Chief Minister reassured that penal actions will target illegal lenders as well.
Furthermore, a Special Investigation Team (SIT) has been appointed to probe such alarming cases, while authorities are considering invoking the Maharashtra Control of Organised Crime Act (MCOCA) post-investigation results.
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