Man arrested for lending money at exorbitant rate

Coimbatore: The Kinathukadavu police arrested a 25-year-old money lender on Tuesday for demanding an exorbitant interest for the money he lent to a woman. He also threatened the woman when she refused to pay the excess money demanded by him.
The arrested man, Boopathi Sivaraj, from Krishnasamipuram near Kinathukadavu in the district, was booked under sections 294 (b), 506 (i) of the Indian Penal Code and Section 3 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act.
A couple — Raja and Kalaivani — borrowed 17,500 from Boopathi for their wedding expenses last year, a police officer said. “Kalaivani had settled the loan amount with interest. But Boopathi demanded her to pay 2,300 more as interest. When Kalaivani refused to pay, Boopathi drove away her scooter,” the officer said.
Kalaivani lodged a complaint with police, who registered a case and arrested Boopathi on Tuesday. He was produced before a judicial magistrate, and was later remanded in judicial custody.
Police said people who face harassment from money lenders can contact them by calling 94981 81212 and 77081 00100. Police had earlier launched ‘Operation Kanthuvatti’ (usury), a drive against money lenders who lend money at an exorbitant interest rate.