A financier, who demanded exorbitant interest from a borrower and threatened him was arrested by the police.
Thirunavukarasu, 40, of Kongu Nagar in Veerappanchatiram is involved in lending money.
Mohammed Sharif, 33, Nehru Street in Sampath Nagar, who runs a meat stall, borrowed ₹1.5 lakh from him three years ago. Due to COVID-19, he was unable to pay the interest regularly.
Hence, Thirunavukarasu reportedly demanded ₹1.5 lakh as interest and asked Mohammed Sharif to settle ₹3 lakh. The financier pressured him to repay and also threatened him of dire consequences.
Mr. Sharif lodged a complaint with the Erode North police who registered a case and arrested Thirunavukarasu.
The action was taken at a time when the police launched ‘Operation Kanthuvatti’ across the State to curb the menace. Police warned that cases will be registered under Sections of the Prohibition of Charging Exorbitant Interest Act, 2003, and action will be taken according to the law.
