Illegal money lending: Accused freed on bail
KOCHI: In a jolt to the probe team looking into the Chennai links of the illegal money lending racket that was busted in Kochi on Saturday, the three arrested were released on bail. However, the officers said the inquiry regarding the operation of the racket is under way and more arrests will happen in the coming days. Officers added the accused were released due to the failure in convincing the court of the charges slapped upon the arrested. Soon after the arrest, the accused were produced before the Magistrate and they were released on Saturday evening itself.
The awarding of bail for the accused was a shocker to the investigators as they could zero in on the others involved in the case after further interrogation of the arrested. The arrested were slapped with relevant sections of the Kerala Money Lenders Act and the Kerala Prohibition of Charging Exorbitant Interest Act. Though the police submitted that more persons are to be arrested and the car of the complainant is also to be recovered, the court rejected this and granted bail for the accused.
The racket, which had been operating in the state for the past few years, is believed to have lent about Rs 500 crore as short-term loans at exorbitant interest rates across Kerala. A follow-up probe is on to trace their source of income and extent of their business in the state.