man arrested for lending money at an exorbitant rate | News from Coimbatore
Coimbatore: Kinathukadavu police on Tuesday arrested a 25-year-old loan shark for charging exorbitant interest for money he lent to a woman. He also threatened the woman when she refused to pay the excess money he demanded.
The arrested man Boopathi Sivarajof Krishnasamipuram near Kinathukadavu in the district, was convicted under Sections 294(b), 506(i) of the Indian Penal Code and Section 3 of the Tamil Exorbitant Interest Prohibition Act Nadu.
A couple — Raja and Kalaivani — borrowed 17,500 from Boopathi for their wedding expenses last year, a police officer said. “Kalaivani had settled the loan amount with interest. But Boopathi asked him to pay 2,300 more in interest. When Kalaivani refused to pay, Boopathi chased his scooter away,” the officer said.
Kalaivani filed a complaint with the police, who registered a case and arrested Boopathi on Tuesday. He was brought before a justice of the peace and then taken into custody.
Police said people harassed by money lenders can contact them by calling 94981 81212 and 77081 00100. Police had previously launched ‘Operation Kanthuvatti’ (usury), a campaign against money lenders who lend money at an exorbitant rate of interest.