Navi Mumbai: A moneylender in Ghansoli has been booked for allegedly charging exorbitant interest rates and exploiting borrowers. The Rabale police have registered a case against Bhau Saheb Sawant under Section 39 of the Maharashtra Money-Lending (Regulation) Act, 2014.

During a raid on his office, officials seized 66 blank stamp papers with borrowers’ signatures and blank cheques. Authorities suspect more victims may be involved, and further investigations are underway.

The case came to light after Ghansoli resident Sonal Pramod Shinde filed a complaint. She had borrowed Rs 50,000 from Sawant one and a half years ago, but instead of the legal 1% monthly interest rate, he charged her 10%—amounting to 120% annually. Despite having paid over Rs 70,000 in interest, she continued facing pressure for more payments.

When she failed to pay for two months due to financial difficulties, Sawant’s wife allegedly verbally abused her, and a recovery agent reportedly threatened her six-year-old daughter. Following her complaint, Senior Inspector Balkrishna Sawant referred the case to the Registrar of Cooperative Societies, who assigned Anjali Vazare to investigate.

On March 17, a team led by Anjali Vazare and an Assistant Police Inspector raided Sawant’s office in Ghansoli. "We found and seized 66 blank stamp papers with borrowers’ signatures and blank cheques. We believe more victims may be there and are continuing our investigation," a police officer from Rabale police station said.

According to police, although Sawant had a moneylending license, he lacked the mandatory registers and documents required under the Act. Additionally, his practice of obtaining signed blank cheques and stamp papers was illegal, said police.

Police and cooperative officials are now working to identify more affected borrowers and ensure strict action against illegal moneylending practices.