Jalandhar: Two Punjabi moneylenders were killed in Philippines in one week, raising questions about the safety of Indians involved in the trade.
Jaspinder Pal Singh Chohan, who was the president of the gurdwara in Bulacan, was gunned down by some unidentified assailants in front of a bank when he was sitting in his car after withdrawing money. Chohan, who was from Khurla Kingra village near Jalandhar, had been living in Philippines for the past several years along with his family. Sources close to the family said he was involved in moneylending business and his two brothers and a sister live in the US. Earlier, Chohan's cousin Jaspal Singh Bhatti, also a moneylender, was killed in the same city.
Another Punjabi moneylender was kidnapped in Cavite city around 10 days ago, but his family has not received any ransom call. Sources among Punjabis settled in Philippines said another community member was abducted in Cavite a month ago and the man was released after paying ransom.
For the past decade or so, scores of Punjabi moneylenders were killed in Philippines and several others abducted. Most of the community members there are working as moneylenders.
The moneylending business in Philippines attracts many Indians, especially Punjabis, to the island nation. Punjabis earn handsomely in the lending business known as micro financing.
Money lending is popularly referred to as '5-6' in Philippines. When a man borrows 5 pesos, he has to pay back 6 pesos. Minimum borrowing amount for a month is 500 pesos, for which a debtor has to return 600 pesos after 30 days.
According to sources, higher profits in moneylending business have also increased the risk for creditors. Sources said since many Punjabis are involved in the business and have earned handsomely, this has given rise to hate crimes against them. Sources added that over 100 Punjabis in moneylending business were killed in Philippines in the past three years.
