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With many private financiers shutting shop due to losses and handful of them turning producers, the ill-gotten money of ministers, politicians, bureaucrats, realtors, NRIs and liquor barons has become the source of funding for many Tollywood dream merchants.
Described as ‘unknown’ sources, they are reportedly catering mainly to small film-makers and charge exorbitant interest rates. Of the approximate 100 films produced every year in T-town, about 20 are big productions, carried on the shoulders of cash-rich production houses, while about 80-plus small film-makers borrow funds at high interest rates from ‘unknown’ sources.
Big banks like IDBI, which earlier funded films, have stopped the practice after a series of losses. Leading producer Suresh Babu, one of the board members of IDBI, explains, “Despite zero debt for Tollywood films, IDBI resolved to discontinue funding for films after making losses in other language films. Consequently, the industry lost a good source of finance.”
The story here is no different from Bollywood where, the black money of Dawood, Shakeel, Rajan, et al is invested and the film distributors & producers act as the collection agents for them, in their extortion rackets!
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