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Jamshedpur, Brajesh Singh : The relationship between the borrower and the moneylender has been based on compulsion and exploitation. Whether it is Smart City Lauhanagari Jamshedpur or any backward village. Once someone gets trapped in the moneylender’s trap, it is difficult for him to escape. The interest of usurers increases so fast that the victim is unable to repay. In such a situation, the usurers start pressurizing the victim, harassing her. On not being able to repay the loan, they make pressure to sell the land and jewellery. Disturbed by this, ultimately the borrower is forced to commit suicide. In the year 2016, the then Chief Minister Raghuvar Das enacted the Jharkhand Private Moneylender Prohibition Act. Under this, there is a provision of imprisonment of up to three years for those who do the business of illegal usury. Despite this, the Mahajani system dominates in Jamshedpur as well. The business of usury is flourishing fast. Moneylenders are doing business without license. People are even committing suicide by falling in the trap of usurers. Moneylenders are usurping people’s land and property in lieu of interest.
Collection is done by giving loan without license
The illegal business of usury is flourishing in the district on a large scale. Complaints of collecting multiple times the amount from the borrower by giving the amount on interest are common in the whole city. However, hardly anyone complains about it in the police station. Moneylenders lend money without license and take advantage of the helplessness of the poor and charge them illegal interest for life. For recovery, criminals have also been appointed as agents, who extort money by threatening and torturing borrowers on interest. If the amount of interest and principal is not returned on time, moneylenders mortgage land, property and other assets. Because of this people trapped in the trap of usury are forced to commit suicide.
Registration is necessary to give money on interest
The Money Lenders Act is applicable in Jharkhand, under which registration of the person doing the business of giving money on interest (money lenders) is necessary. Apart from this, it is necessary for them to maintain the account and give it to the borrower. If the loan has been given without writing, then it has also been mentioned in these rules. No person can do money lending business without valid registration certificate and those doing so will be liable for punishment.
Interest is charged from 10 to 15 percent
Instead of giving money to the laborers and the needy, moneylenders charge 10 to 15 percent interest. Especially a huge amount is collected from the shopkeepers. If the shopkeeper could not deposit the interest in any month, then compound interest is charged from him. Shopkeepers are forced to pay more interest than the amount borrowed.
Gets signature on blank cheque, takes possession of property
The borrower may repay the full amount, but the bullies keep charging the desired amount from the person trapped in usury. Many times the borrowers have to pay an amount of eight to 10 thousand rupees per day. Even after giving the loan amount, the criminal elements do not leave the chase and make recovery every month. Moneylenders also take away the property and vehicle of the borrower. Most of the usurers get the needy to sign a blank check and keep it with them instead of giving money on interest. Even after repaying the borrowed money, the lenders do not return the check and threaten to bounce it by depositing it in the bank. The case of misuse of check also goes to the court. Here moneylenders try to recover from the borrower by entangling him in other cases. Not only this, sometimes property documents or jewelry are also mortgaged by usurers. Many times, the law of taking and giving loan is not even written. In such a situation moneylenders do not return the documents and ornaments.
Money lenders in city markets including Bishtupur, Sakchi, Baridih, Sonari, Kadma
There is a gathering of usurers in all the markets of the city. Traders who buy goods everyday get trapped in their clutches. For example, moneylenders give a loan of Rs 100 to a shopkeeper and collect more than Rs 200 from him in the evening. Similarly, they also give loans to big businessmen. A well-planned network of usurers has spread in Bishtupur, Sakchi, Baridih, Sonari, Kadma and other markets of the city. Here people are given money. But for not returning the money on time, a game ranging from abusing to fighting and threatening goes on. The names of such moneylenders are publicly known in the market.
usurers also collect at the gate of companies
Those who give and collect such loans are seen at the gate of all the companies including Tata Steel. The usurers keep the ATM cards of the employees. As soon as money comes in their account, they withdraw money through ATM card. Employees of many companies including Tata Steel, Tata Motors, Tata Power keep getting trapped in their clutches.
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