Coimbatore police begins crackdown on money-lenders

Chennai, Sep 11 (IANS): 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.



Top Stories

Leave a Comment

Title: Coimbatore police begins crackdown on money-lenders

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.