India, Feb. 10 -- Police conducted a major crackdown on microfinanciers on Sunday morning, with the authorities carrying out searches at 12 houses linked to illegal moneylenders in the twin cities of Gadag-Betageri, seizing cash, bonds, and blank cheques during the operation. A similar crackdown was also carried out in Uttara Kannada, officers aware of the matter said.

Officials said that they recovered Rs.26.57 lakh from the residence of a moneylender, Sangamesh Doddannavar, along with blank bonds, cheques, and various documents. Another accused, Ravi Kaujageri, was found in possession of cheques, bonds, and a cash-counting machine, they added.

The investigation revealed that while some individuals were running legally registered busin...