Fleecing customers with high interest rates, a city moneylender managed to accumulate not less than 43 buildings under contentious circumstances.
On Monday, the law caught up with Hemanth Kumar Muthurayappa, who was arrested and his office on Magadi Road sealed.
Acting on the complaint of a few customers, the police swooped on Hemanth Kumar. “We have seized signed blank cheques, blank pro notes with signatures, vehicle registrations forms, 240 gm of gold ornaments that the lender had collected from his customers. There were also two motorcycles and a car in his possession,” S.N. Sidramappa, Deputy Commissioner of Police (West Division), told The Hindu .
20 per cent a month
The accused had been charging interest at the rate of at least 20 per cent per month on the loans.
“He is married to two women. He would confiscate property documents of defaulters and illegally transfer the ownership of several buildings to his wives and a relative's names,” the officer said.
Wide ownership
According to another police officer, he owned at least 43 buildings and a site at prominent locations in Cholurupalya, Manjunathanagar, Vidyaranyanagar, Vijayanagar, Agrahara Dasarahalli and Kalyan Nagar.
The police may also prosecute his wives — Lakshmi and Soumya – and relatives.
