Parsa District Cracks Down on Loan Sharking, Resolving Over 400 Cases

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Photo: Neil Palmer

Parsa, Nov 27: In a significant effort to address the pervasive issue of loan sharking, the District Administration Office (DAO) Parsa has successfully resolved 438 cases out of a total of 1,321 complaints received through online registrations. Shiba Prasad Lamsal, the Assistant Chief District Officer of Parsa, revealed that these resolutions were achieved through mutual discussions, providing justice to the victims.

The cases primarily centered around problems related to money borrowing and land transactions, with some victims falling prey to deception during the loan acquisition process. In certain instances, discrepancies were found in documents, where individuals had taken more loans than they had actually received.

In situations where mutual understanding was not possible, legal proceedings have been initiated for two cases, underlining the seriousness with which authorities are tackling the issue. The crackdown on loan sharking is crucial for protecting vulnerable individuals from exploitative lending practices.

It’s worth noting that the legislative landscape concerning usury underwent a significant change in July of this year. The parliament passed a bill recognizing usury, particularly prevalent in the Terai region, as a criminal offense. This legislative move followed a five-point agreement reached between the government and victims of loan sharks in April, emphasizing the commitment to curbing this exploitative practice.

The efforts of the DAO Parsa signify a step forward in addressing the challenges associated with loan sharking, ensuring that legal measures are taken to protect citizens and promote fair lending practices in the region.

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