Illegal money lending: Father-son duo denied bail

ST Correspondent
Monday, 7 August 2017

Sub-registrar of Co-operative Societies and Money Lending Shahuraj had conducted a search and seized 13 bond papers, 97 blank cheques and gold ornaments after receiving a complaint. The duo had amassed assets of more than 150 immovable properties in their names and lent more than Rs 20 crore in cash to hundreds of people. They had acquired a flat of one of the borrowers despite him paying more than five per cent interest. A total of 41 registered sale deeds and 71 blank papers singed by various persons have also been seized.

Pune: The district court has rejected the anticipatory bail application of a father-son duo, Vijay Shivpad Erandol (72) and Narendra (33), in connection with a case of illegal money lending activity.

An FIR against the duo has been registered by Shahuraj, Sub-registrar of Co-operative Societies and Money Lending, with the Bharati Vidyapeeth police station. The officer had received a complaint from Mukund Bhalerao and Sudhakar Behde about illegal money lending activity by the accused persons.

He had then conducted a search in their house in Katraj on April 7 and seized 13 bond papers, 97 blank cheques and gold ornaments. The duo had amassed assets of more than 150 immovable properties in their names and lent more than Rs 20 crore in cash to hundreds of people. They had acquired a flat of one of the borrowers despite him paying more than five per cent interest.

The accused persons submitted before the court that they have been falsely implicated in the case. Vijay is a retired doctor from government service and his son Narendra is engaged in real estate business. “I had a money lending licence and I was carrying the business from my office at Guruwar Peth for about four years.

Thereafter, I stopped the said business due to personal reasons. Every document has been seized and hence custodial interrogation is not necessary,” the accused submitted before the court. 

According to the police, the accused used to advance loans to needy persons and in token of same, they used to get sales deeds of immovable property in their favour and, even after repayment of loans at agreed rates, they never re-conveyed the said properties. After getting sales deeds executed in favour of Vijay, he used to lease it to borrowers under leave and licence agreements.

A total of 41 registered sales deeds and 71 blank papers singed by various persons have been seized. While rejecting their pre-arrest bail plea,

Additional Sessions Judge SM Menjoge said, “Prima facie, it is appearing that they are doing money lending business without a licence. Considering the vast nature of money lending transactions in 39 diaries and various books, applicants (accused persons) only can explain the said transactions.

The offence is of social importance as it relates to cheating poor and needy persons.”

 

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