Businessman had borrowed Rs. 5 lakh but had paid 10 times as much in interest, says family

A 50-year-old businessman was murdered by a money-lending gang near Kumaran Nagar on Saturday night. He was killed with an iron rod.

According to police, the victim, Veerappan, ran an electric circuit manufacturing unit in Guindy. A few years ago, he had taken a loan of Rs. 5 lakh from Marimuthu, a man who lent money at exorbitant interest rates. Veerappan had needed the money for his business.

However, police said that according to his family, over the years, Veerappan had paid Rs. 50 lakh in interest alone. This apart, the family told police that the money-lender and his gang had taken away a document for property worth Rs. 80 lakh from Veerappan and had used it to threaten him into paying more money.

Fed up with all of this, Veerappan filed a complaint with the Saidapet police. This angered Marimuthu who then decided to murder Veerappan. On Saturday night, Veerappan was headed to a relative’s house in Sekar Nagar near Kumaran Nagar, when Marimuthu and his gang intercepted him.

An argument broke out and the gang hit Veerappan on the head with an iron rod. He died on the spot.

Four of Marimuthu’s gang members — Anand (30), Jagan (29), Murthy (35) and Arun (20) have been arrested. The police are on the lookout for Marimuthu and one other accomplice.

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