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Man arrested for charging high interest
BANGALORE: The sleuths of the Fraud and Misappropriation squad of the Central Crime Branch (CCB) have arrested a money-lender for ..
BANGALORE: The sleuths of the Fraud and Misappropriation squad of the Central Crime Branch (CCB) have arrested a money-lender for allegedly charging exorbitant interest rates.
The police have identified the accused as Rakesh, a resident of S K Lane in Chikka Mavalli. It is estimated that he has made illegal financial transactions to the tune of Rs 25 lakh.
According to police, the accused was running Rohini Enterprises at G R Mansion on Avenue Road. He used lend loan to people, who were in dire need at an interest rate of 5-10 per cent against the interest that is prescribed by the government.
If they failed to pay, he allegedly increased the rate of interest and harassed them, the police said.
Police have seized cheques, blank stamp papers and other documents.
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