Moneylender, staffer held for threatening bizman

Tirupur: The Dharapuram police on Sunday arrested a moneylender and his employee for threatening a businessman and demanding more interest on a loan he had taken from a finance company.
Complainant J Arunkumar of KSK Nagar at Kondarasampalayam, owner of a travel agency, said he borrowed 4 lakh from Kuberan Finance in July 2019 to buy a van. He repaid 1 lakh as the capital amount and 1.20 lakh as interest to the firm. He borrowed 10 lakh in July and bought a truck. He repaid Rs 1.60 lakh. In August 2021, he borrowed 2.5 lakh and bought another van. He paid 2 lakh as interest. In March 2021, he borrowed 5 lakh and bought a bus. After suffering losses, he sold the bus and repaid 5.5 lakh to the firm in October 2021.
“I borrowed 21.50 lakh from the firm and paid 11.30 lakh as interest and capital. I was not able to repay the loan with interest as I faced severe loss in the travel business. The firm took possession of the three vehicles and sold one of them. When I approached the owners of the firm Veeran and Muthukumar, they demanded 27.5 lakh. They also threatened me,” said Arunkumar.
On Saturday, Muthukumar, Veeran and his employee Yasar Arafat met Arunkumar’s father Jayaraman, who asked them not to collect usury. In a fit of rage, the trio threatened Jayaraman and attacked him. Jayaraman was admitted to the Dharapuram Government Hospital.
Based on Arunkumar’s complaint, police registered a case against the trio under sections 294 (b), 323, 506 (ii) of the IPC, and Section 4 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 on Sunday and arrested Arafat and Veeran. The duo was remanded in judicial custody. Muthukumar is absconding.