One of the senior vice presidents of the company, while addressing a press conference, said, "Our company provides a unique service in the country that cannot be found anywhere else; we help borrowers find legitimate and licensed
money lenders (pinjaman wang berlesen) in the country." While buttressing his point, he said, "Thousands of people have been victimized due to the activities of scammers who come in the guise of reputable
money lenders and make offers that are too good to be true to unsuspecting individuals.
"In the two cases we resolved the
money lenders were ready to settle things amicably.
The State Bank of Pakistan has also sturdily criticized this behavior of
money lenders by stating,
If the enterprising segment of the poor can attain a modest level of income security notwithstanding the burden of usurious loans, just imagine the vastly improved income they can achieve if they are freed from the bondage of abusive
money lenders. Making capital accessible to the masses at reasonable rates will reduce widespread poverty.
According to Circular 432 on August 16, banks and financial institutions are prohibited from conducting off- and on-balance sheet financial and nonfinancial operations with individuals or companies that are not on the Central Bank's lists of authorized money dealers or
money lenders and that are active in either business.
Two months ago, an Indian small-time businessman in Ruwi couldn't fly to India to see his hospitalised mother as his passport was held back by an illegal
money lender. He had given it as a guarantee for taking a loan of OMR2,000 from the lender.
The campaign against illegal
money lenders in Kohat has been divided into two different phases.
He returned almost all of money to the
money lenders and started working in a bus project but his circumstances couldn't change even after that.
Summary: A range of new restrictions were placed on
money lenders by the Lebanese Central Bank.
Jacqui Kennedy, head of the England Illegal Money Lending Team, added: "Illegal
money lenders are a scourge on our communities, making life a misery for their victims.
At Kottayi in Palakkad, a woman and her twin sons are believed to have taken their lives after being threatened by
money lenders. The deceased were identified as Madhavikutty Amma (80), and her 34-year-old sons Vinod and Pramod.
The county council and the Wales Illegal Money Lending Unit will hold an event in the Wellman's Club in Llangefni on September 16 to raise awareness of the problem of illegal
money lenders.
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