Coimbatore police launch crackdown on loan sharks

Chennai, September 11 (SocialNews.XYZ) The Coimbatore police began cracking down on loan sharks, for lending money at exorbitant rates and threatening customers unable to pay the principal amount and interest rates.

The police action began on Friday when a moneylender Sathish Kumar was arrested. Police said he loaned Rs 5 lakh at 4% interest to a Manickam three months ago.

Manickam repaid Rs 2.5 lakh with interest. However, Kumar asked Manickam to pay 7% interest per month for the balance amount, which was flatly refused by Manickam.

Kumar threatened Manickam with dire consequences if he did not oblige. Thudiyalur Police arrested Sathish Kumar and took him into custody.

It was booked under Section 3, read with Section 4 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act and Section 506(ii) (Criminal Intimidation) of the Act.

With the arrest of Sathish Kumar, several loan sharks are under police surveillance and Coimbatore Police have decided to step up the crackdown on pawnbrokers.

Source: IANS

Coimbatore police launch crackdown on loan sharks

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