CHARMINAR: Money-lenders were seen exploiting youngsters who lack cash at Hyderabad Race Club, Malakpet, on Monday, charging them 10-15% interest, depending on the customer.
These money-lenders target youngsters who run out of cash and want to bet on the next race, approach them and fix the deal. The unsuspecting punter and the lender go outside the race club, the lender borrower mortgages mobile phone or any valuable available at that moment with the lender and in return get the cash.
“I borrowed Rs 5,000 and will return the money immediately after I win the bet. I mortgaged my mobile phone worth Rs 30,000,” said a punter (21), who spoke on condition of anonymity, outside Hyderabad Race Club. However, he had no clue how he would repay the amount, if he loses the bet.
Enquiries show that financers who used to lend money to punters are now targeting youngsters as they are not able to lend the required amount to punters, post demonetisation. Vehicles, jewellery, registration certificate of vehicle (original) are withheld by the lenders as surety, if the customer is known to them, they take signature of the customer on promissory notes and cheques. “Earlier they used to lend approximately Rs 50,000 to Rs 80,000 depending on the requirement and number of punters, now they lend Rs 4,000 to Rs 6,000,” said Abhilash (name changed) an IT employee, who visit the race club on regular basis. “They are mostly found near the ring (area near the bookie counters),” he added. “I did not receive any official complaint regarding the money-lenders, if the lenders provide a person with cash outside the race club premises we cannot take any action against him,”, said the vigilance officer of Hyderabad Race Club.
The amount of bets has decreased after demonetisation, diverting the attention of lenders towards youngsters, who mostly bet lower amounts. Most of the lenders also bet in the race apart from lending money. “It is very difficult to differentiate between a money-lender and a punter as he also indulges into betting,” said Kishore Raju, visitor at the race club.