Loan sharks in Bahrain drove my husband to end his life, says widow

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Report by Zahra Ayaz

The death of her husband in Bahrain has been linked to financial stress and worries about loan sharks, according to the widow.

An Indian immigrant named Rajeevan Chelapuram, 40, who worked for a rental firm, was found hanging from a ceiling fan at his accomadation last October. 

Loan sharks are a serious problem in Bahrain because they prey on expatriates' vulnerable situations, especially those with low salaries.

They are to blame for trapping many individuals in a cycle of debt that makes it difficult for expatriates to come home.

Rajeevan's widow, Simjisha PM, told The Daily Tribune that her husband had committed suicide on October 26 last year.

"He was the family's sole provider; I have two kids, who are 4 and 9 years old, and it is difficult for me to make ends meet because I am unemployed." I recently learned via my late husband's mobile phone that he had borrowed money from someone at a very high interest rate. Since I seek justice, I have gotten in touch with every social worker, members of the Indian community, and the Indian Embassy. I even protested to the local police in India."

"Private money lenders that charge outrageous interest rates—up to 10% per month—on their loans are a threat to society," she added.

"The interest charge for the first year alone is greater than the principle amount at a rate of 120% annually. For a number of years, the payment is made, and all installments are offset by the interest.As a result, a lot of expatriates experience exploitation and are compelled to take drastic measures like suicide, leaving their spouses widowed and kids orphaned."

The Daily Tribune previously detailed numerous instances of loan sharks and asserted that, despite the pandemic season being miserable for the majority of people, it has been profitable for a number of unscrupulous people who lend money, primarily to low-income families or those facing difficult circumstances.

While dispensing cash, loan sharks give the impression of being really kind and helpful, but when it comes time to collect interest, they switch to their completely opposing personalities.

Normally, victims give these unlicensed moneylenders their signed blank checks and unstamped envelopes.

Social professionals advise against turning to these loan sharks and to instead visit respected banks and financial organisations.