Residents of Mitaboni in Kathiani, Machakos County have been warned against seeking services of shylocks who are out to defraud unsuspecting victims of their money.
Mitaboni MCA Fredrick Mbuva told the locals to keep off from doing businesses with the cartels.
He said many residents had fallen prey to the illegal money lenders who offer them loans at high-interest rates thereby ending up fleecing them.
"Residents should be aware of these scheming shylocks who are taking advantage of devolution to carry out their illegal businesses. They are milking people dry by offering them loans with high interests," Mbuva said.
Mbuva addressed the press in his ward on Friday.
He said the Shylocks give the residents an ultimatum of one month to pay back the loans failure to which they impose fines on them or proceed to auction their properties.
"They lure people with easy loans where the people are forced to give out their properties to act as security and when unable to pay their properties are auctioned," Mbuva added.
Mbuva advised the residents to trade with accredited financial institutions like banks which are more reliable and charge little interests.
He told the locals to join groups to be able to acquire loans from accredited financial institutions.