Indians in Bahrain have been urged to be wary of loan sharks who have reportedly been preying on the expatriate community.
In an advisory, the Indian Embassy noted that these ‘lenders’ provided crime-supported funds at inflated interest rates and engaged in money laundering.
“It has been brought to the notice of Embassy of India, Bahrain that a group of workers in the kingdom are dealing with people of the same nationality to obtain loans with usurious interest,” added a statement from an embassy spokesperson.
“It has been informed that these individuals (lenders) have funds resulting from various crimes. Such operations of lending include a form of money laundering.”
The embassy urged Indians to refrain from borrowing outside the scope of licensed financial institutions.
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