Nagaur Trader Driven to Brink Over Rs 16 Lakh Loan Turned Into Rs 60 Lakh Demand A 54-year-old Nagaur resident was allegedly pushed into extreme distress after money lenders seized gold ornaments and inflated a small debt nearly fourfold. A harrowing case of predatory private financing, extortionate interest rates, asset seizure, and intimidation has surfaced from the Kotwali police station jurisdiction in Nagaur, Rajasthan. Premprakash Bihani, a 54-year-old resident of Vyas Colony and son of the late Mangilal, found himself caught in an aggressive trap laid by local creditors. The relentless harassment pushed him to an attempt on his own life last month. Following medical recovery, an official police complaint was lodged, prompting authorities to register a case under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita to bring the culprits to book. Commercial Ruin Led to Borrowing for New Livelihood According to Premprakash Bihani, he was once running an extensive trade in fenugreek and betel leaves. A sharp downturn in business, however, caused massive financial losses, forcing him to liquidate his residential property, plots, and other possessions. In a bid to sustain his household and set up a modest fast-food outlet, he turned to informal financiers in the locality, borrowing a sum between Rs 15 lakh and Rs 16 lakh. His debts included Rs 11 lakh from Laxman Gaur, Rs 8.50 lakh from Arjun Gaur, Rs 1.50 lakh from Akash Tiwari, Rs 4 lakh from Nikhil Kachhawa, and Rs 9 lakh from Pawan Soni. Pledged Ornaments Withheld as Bullion Prices Surged As collateral for the finances, Bihani had provided blank cheques to Nikhil Kachhawa and deposited approximately 6 tolas of gold jewellery with Pawan Soni. The pawned valuables comprised a necklace, a gold chain, seven bangles, a mangalsutra, a pendant, earrings, and a bracelet. Out of the Rs 9 lakh taken from Pawan Soni, the victim had already reimbursed Rs 6 lakh. Nevertheless, Soni outright refused to release the jewellery. With market prices of gold climbing steeply, the lenders became greedy, piling compounding interest upon interest to inflate the liability to between Rs 50 lakh and Rs 60 lakh while demanding a tenfold recovery. Forced Signatures on Blank Sheets and Death Threats The victim further alleged that Rajesh Sankhla and Lokesh Sankhla deceitfully summoned him to the local court premises. Once there, they coerced him into signing blank sheets of paper without permitting him to review any contents. This was followed by recurring threatening phone calls warning him of death and property eviction if he ever approached law enforcement agencies. Terrorized by these continuous intimidations, Bihani found it virtually impossible even to step out of his residence. Hospitalisation in Jodhpur Followed by Official FIR Crushed by unrelenting psychological torment and public humiliation, Bihani attempted suicide on 23 August. Alert family members rushed him to a medical facility in Jodhpur for urgent treatment, where he survived. He remains under psychiatric care and medication for severe depression. Because the family was preoccupied with his medical emergency, registering a police report took time. Once his condition stabilized, he visited the police station in person on 25 September to recount his ordeal. Kotwali station house officer Nandlal Rinwa affirmed that while Bihani had made intermittent repayments, the lenders extorted exorbitant interest ranging between 10 and 20 percent. The case has been handed over to ASI Ramkailash for investigation, and police stated that evidence is being gathered to arrest Laxman Gaur, Arjun Gaur, Nikhil Kachhawa, Pawan Soni, Rajesh Sankhla, Lokesh Sankhla, and Akash Tiwari. What this means for you Borrowing money from unregulated informal lenders exposes citizens to severe financial and personal vulnerability. • Across India: Resorting to unregistered money lenders charging astronomical interest rates often traps families in unending cycles of extortion and legal harassment. Borrowers must always choose regulated banking institutions and insist on legally enforceable documentation when pledging collateral. • In Rajasthan: Police action against aggressive recovery agents in Nagaur signals a stricter crackdown on illegal moneylending networks across the state. Victims facing intimidation or withheld pledged gold can report directly to local police stations under relevant provisions of the law. Why this happened The incident stems from predatory informal lending practices, lack of institutional credit access, and greed stoked by rising asset valuations. • Immediate trigger: The borrower took high-interest private loans to start afresh after a business failure, but lenders subsequently inflated the balance exponentially. As gold prices surged, the creditors refused to return the pledged collateral and resorted to extortion. • Enabling circumstances: Having suffered catastrophic losses in his earlier trade and lost his real estate, the victim lacked formal credit options. This vulnerability forced him into handing over blank cheques and family gold without formal institutional safeguards. • Current status: Police investigation is actively underway with evidence being gathered by an assistant sub-inspector. Authorities are actively pursuing the seven named suspects to take them into custody under the criminal code. Questions & Answers 1. How much money did the borrower originally take from the lenders in Nagaur? The victim, Premprakash Bihani, borrowed approximately Rs 15 lakh to Rs 16 lakh from local financiers to start a food business. 2. How much did the lenders claim the outstanding debt had grown to? By levying steep interest rates between 10 and 20 percent, the lenders inflated the debt to Rs 50 lakh to Rs 60 lakh. 3. What jewellery was pledged as collateral? The victim pledged around 6 tolas of gold ornaments, including a necklace, chain, seven bangles, mangalsutra, pendant, earrings, and a bracelet. 4. Under which legal provisions has the police registered the case? The Nagaur Kotwali police registered an FIR under Sections 318(4) and 316(2) of the Bharatiya Nyaya Sanhita. https://trendkia.com/en/crime/nagaur-men-karja-ke-shiknje-se-bigare-halata-16-lakha-ki-udhari-para-60-lakha-ki-manga-aura-gahane-jabta-40657 TrendKia — Har trend, sabse pehle.