Financier arrested for usury in Coimbatore

The Coimbatore City Police on Tuesday arrested a man on charges of lending money to people at exorbitant rate of interest. 

The arrested was identified as Palaniappan (52) a resident of Park Town near Ramanathapuram.

The police said that B. Vinutha of Cheran Managar lodged a complaint on Monday accusing Palaniappan of collecting exorbitant rate of interest. As per her complaint, she borrowed money from Palaniappan to start a small-scale business. She could not repay the amount during the pandemic. The accused collected cheque leaf, stamp paper and promissory note from the complainant and her husband Balakrishnan. The couple had also referred other people to Palaniappan for personal loans, the police said.

The woman alleged that the financier started threatening her after some of the people she referred to him did not repay the loan or interest.

The police conducted a search at Palaniappan’s residence on Tuesday and seized various documents including 766 cheque leaves, 163 stamp papers, 1,317 promissory notes and four ledgers.

The financier was arrested for offences under Sections of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act and the Indian Penal Code. He was produced before a court and was remanded in judicial custody.

Two arrested with ganja

The Saibaba Colony police on Tuesday arrested two persons on charges of selling ganja. The police arrested R. Veerakumar (55) of Eswaran Koil Street in Tiruppur and M. Karthik (34) of Ooty. The police said that the accused were found in possession of the contraband near the new bus stand on Mettupalayam Road on Tuesday evening. The police found 21 kg ganja and ₹ 2.40 from the luxury car of the accused. The police seized the contraband, cash and the car. The accused were arrested.

Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Sep 11, 2022 9:37:54 pm |