Gadag Police Crack Down on Illegal Moneylending, Seize ₹4.9 Crore in Raids

Gadag: In a significant crackdown on illegal moneylending operations, Gadag district police raided 13 locations in Betageri town on Thursday. The operation led to the seizure of ₹4.90 crore in cash, gold, and several crucial financial documents. 

 Addressing the media at the Betageri police station, Gadag Superintendent of Police B.S. Nemagouda stated that the raids were carried out following a complaint from a borrower, Ashok Ganachari. The police targeted multiple properties linked to Yallappa Miskin, a suspected loan shark, including his residence and those of his relatives. 

During the operation, authorities confiscated ₹4.90 crore in cash, 992 grams of gold, 600 bank cheques, 650 bonds, nine bank passbooks, four ATM cards, two LIC bonds, and 65 liters of liquor.   

Legal Action Against Accused 

The main accused, Yallappa Miskin, along with his associates Vikas Miskin, Manju Shyavi, Iranna Budihal, and Mohan, has been remanded to judicial custody. Several vital documents and vehicle keys were also recovered and are under investigation. Officials from cooperative societies assisted in the operation, and the Income Tax Department has been notified of the findings, according to the SP. 

Case Background 

According to the police, complainant Ashok Ganachari had borrowed ₹1.90 crore from Yallappa Miskin. Over the years, he repaid ₹1.40 crore, leaving a balance of ₹50 lakh. However, despite the partial repayment, Miskin allegedly threatened him and coerced him into transferring assets worth crores, including a wedding hall, to his name. He also misused blank cheques and financial bonds to exert psychological pressure on the borrower. Acting on the complaint, police launched an extensive raid, leading to the large-scale seizure. 

Coordinated Police Operation 

The raid was conducted under the supervision of Additional Superintendent of Police M.B. Sankad, with a team led by officers Mahantesh Sajjan and J.H. Inamdar.