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Six held on charge of illegal money lending

By Our Staff Reporter

COIMBATORE, FEB. 10. The city police on Wednesday arrested six persons hailing from Pudukottai and Karur districts on the charge of lending money at exorbitant rates.

They were camping in lodges in the railway station and Gandhipuram areas. About Rs. 6 lakhs had been recovered from them.

The drive against illegal money lending was carried out under the direct supervision of the DIG of Police and Commissioner in-charge, Ashutosh Shukla, and the Deputy Commissioner of Police (Law and Order), P. Nagarajan.

The police said that moneylenders from Dindigul, Theni, Karur and Madurai were camping in the city targeting small-scale merchants and entrepreneurs who were in urgent need of money but could not comply with the requirements of authorised financial institutions.

Nine others had been taken into custody for interrogation. Besides charging rates of interests over and above the prime lending rates prescribed by the apex bank, they were also resorting to intimidation for loan recovery. Their strong-arm tactics had often led to mass suicides of families, the police said. The provisions of the Tamil Nadu Act for Prevention of Exorbitant Rates of Interest (Prevention of Usury Act of Tamil Nadu) were being invoked against those arrested, police said.

Man stabbed to death

The police have launched a manhunt for Sivalingam and Tamizhan on the charge of stabbing one Jayakumar (23) to death. It is learnt that following a complaint from one Maria about frequent thefts in pig yard, Natarajan, a councillor of the Kuniamuthur Municipality is said to have summoned the duo to enquire about it. While Mr. Natarajan was talking to them on the need for good conduct and behaviour especially while dealing with women, an irked Sivalingam started reacting violently. When Mr. Jayakumar tried to pacify him, he stabbed him. The victim was rushed to the CMC Hospital last night, where he died this morning.

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