Activists of the Communist Party of India, on Wednesday, ransacked and damaged furniture of the office of a microfinance institution 'Sharemoolah' at LB Nagar in Warangal district, alleging harassment by loan sharks.
According to sources, the CPI activists, who took out a rally in Warangal town, raised slogans against MFIs for charging exorbitant interest rates and throwing people into debt traps. The activists demanded that the police and the District Collector book criminal cases against them immediately.
The activists had a heated argument with the employees of Sharemoolah for charging obscene interest rates and for resorting to goondaism in recovery of loans.
They said that around 40 people have committed suicides across the State due to alleged harassment from these institutions.
The activists urged the government to close all MFI operations in the State immediately.
Later police came to the spot and took a few of activists into custody.