Karnataka - Hubli-Dharwad   

Five members of two finance firms arrested

Staff Correspondent

They have been accused of charging exorbitant interest rate

HUBLI : The police have initiated action against two finance companies in the city following complaints of exorbitant interest rate being charged by them and arrested five persons in this connection.

The police gave the names of the firms as Kashinath Finance Company near Janata Bazaar and Sai Finance Company on Station Road. Cases have been registered against them.

Action

The police said that action had been initiated against the finance companies based on the complaints filed by Vittalsa Dhongdi of Adhyapaknagar, Hubli, and Shankarappa Kanti of Old Hubli.

The names of the arrested have been given as Shanmukhi Tulajaram Dalabanjan, his sons Anand Shanmukhi Dalabanjan and Parashuram Shanmukh of Kashninath Finance Company, and Shrikanth Hanumantappa Mallar and Ramachandra Chandrappa Patadeshi of Sai Finance Company.

Threat

The arrested have been accused of threatening their customers with dire consequences if they failed to pay the interest rate demanded by them.

Remanded

The arrested have been remanded in judicial custody.

A case had been registered, the police said.

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