Upon orders from the Commissioner, the Ramanathapuram police formed a special team and seized 766 blank cheques, 163 stamp papers and other documents from financier Palaniappan. He was then booked under appropriate sections and remanded.
Coimbatore: Police arrested a private finance company owner Palaniappan (52) of Ramanathapuram on charges of the usury and collecting exhorbitant compound interest from his customers.
Acting on a complaint, preferred by a couple Balakrishanan and Vinitha of Cheranmanagar that the said private finance company owner had been harassing them to give compound interest for the loan amount of Rs.36.60 lakhs taken by them.
"Even though we have paid Rs.7.70 lakhs towards interest, the harassment continued from the financiar to pay compound interest.
The financiar also refused to return the documents and blank cheques collected from the couple", the affected couple said.
Upon orders from the Commissioner, the Ramanathapuram police formed a special team to investigate the usury allegations. After confirming the facts, the special team raided the house of Palanaippan and seized 766 blank cheques, 163 stamp papers and other documents.
The arrested man was produced in court and remanded in custody.
Acting on a complaint, preferred by a couple Balakrishanan and Vinitha of Cheranmanagar that the said private finance company owner had been harassing them to give compound interest for the loan amount of Rs.36.60 lakhs taken by them.
"Even though we have paid Rs.7.70 lakhs towards interest, the harassment continued from the financiar to pay compound interest.
The financiar also refused to return the documents and blank cheques collected from the couple", the affected couple said.
Upon orders from the Commissioner, the Ramanathapuram police formed a special team to investigate the usury allegations. After confirming the facts, the special team raided the house of Palanaippan and seized 766 blank cheques, 163 stamp papers and other documents.
The arrested man was produced in court and remanded in custody.