News Karnataka
Monday, April 15 2024
Tamil Nadu

Chennai: Coimbatore police begins crackdown on money-lenders

Photo Credit : IANS

Chennai: The Coimbatore police have commenced crackdown on money-lenders, for lending money at exorbitant rates and threatening customers who are unable to pay the principal amount and the interest rates.

The police action began on Friday when a money-lender Sathish Kumar was arrested. Police said that he had lent Rs 5 lakh at 4 per cent interest to one Manickam three months ago.

Manickam repaid Rs 2.5 lakh along with the interest. However, Kumar asked Manickam to pay 7 per cent interest per month for the balance amount which was flatly refused by Manickam.

Kumar threatened Manickam with dire consequences if did not oblige to him. The Thudiyalur police arrested Sathish Kumar and remanded him to judicial custody.

He was booked under Sections 3, read with Section 4 of the Tamil Nadu Prohibition of charging Exorbitant Interest Act and Section 506(ii) (criminal intimidation) Act.

With the arrest of Sathish Kumar several usury money lenders are under police watch and Coimbatore police have decided to increase crackdowns on money-lenders.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp