HYDERABAD: A financier was arrested by the police for lending at exorbitant rates of interest from his borrowers.Police has recovered a two-wheeler, Rs 3,190 in cash, pocket note books and several other documents from him.Surjeeth Singh of Gowliguda Chaman was nabbed by the Bhavani Nagar police on Tuesday night when he went to collect money from his debtors at Bhavani Nagar.Surjeeth Singh runs Singh Enterprises and Finance without a licence.Santoshnagar assistant commissioner of police Md Ismail said that Surjeeth Singh used to run a video cassette business. As he could not earn good income from it, he started a finance enterprise. Surjeeth Singh gave Rs 3,190 on loan to the needy and collected Rs 6,000 in 120 days at Rs 50 per day."If the borrower fails to repay the amount daily, Surjeeth would add to the interest and would also forcibly collect the amount," Ismail said.
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