pawnbroker and staff member detained for threatening Bizman | News from Coimbatore

Tirupur: Dharapuram police on Sunday arrested a loan shark and his employee for threatening a businessman and demanding more interest on a loan he took from a financial company.
Complainant J Arunkumar from KSK Nagar in 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 in capital and 1.20 lakh in interest to the company. 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 in 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 company in October 2021.
“I borrowed 21.50 lakh from the company and paid 11.30 lakh in interest and principal. I was not able to repay the loan with interest as I had to face serious losses in the travel business. The company took possession of all three vehicles and sold one. When I approached the owners of the firm Veeran and Muthukumar, they demanded 27.5 lakh. They also threatened me,” Arunkumar said.
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 Dharapuram Government Hospital.
Based on Arunkumar’s complaint, police on Sunday filed a case against the trio under sections 294(b), 323, 506(ii) of the ICC and section 4 of the 2003 a ban on charging exorbitant interest in Tamil Nadu and arrested Arafat and Veran. The duo was taken into custody. Muthukumar is on the run.


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