Bangalore: A 45-year-old financier alleged to be lending money to Nigerian nationals by keeping their passports for safety was nabbed by the Central Crime Branch sleuths on Thursday. Nearly 341 passports, 83 residential permits, 155 mobile phones, 93 laptops, four motorcycles, seven cars and Rs 34 lakh were recovered from his possession.
The accused Muniraj Bayanna, a resident of St. Thomas Town in Karachanahalli in the city, is also suspected to be involved in drug smuggling and possibly other rackets too given the number of passports confiscated from him.
Muniraj used to target foreign nationals, mostly Nigerians who were usually unaware of the of Indian laws and the RBI’s cap on interest rates and would lend them money by getting them to pledge their passports to make sure they cannot leave the country.
As per reports he would often frequent pubs visited by the foreign nationals, students and would offer to lend money to those in need. Besides charging high interest rate, he also levied penal fee and compound interest.
The police reportedly received a tip off on Muniraj from a Nigerian national after Muniraj refused to return his passport though he had repaid the loan.
