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Loan sharks arrested

Published: 18th October 2012 10:31 AM  |   Last Updated: 18th October 2012 10:31 AM   |  A+A-

The fraud and misappropriation squad of the CCB arrested two men for allegedly harassing public by charging exorbitant interest rates.

The accused are: K S Jagadish, 43, and Prakash Kumar, 40. According to police, the two were lending money at a high interest rate. They used to increase the interest rate if person who had borrowed the money failed to pay the interest on time. Their partner Mohan Reddy, 38, is absconding and police are on the lookout for him.

Police have seized `25,000, blank cheques, on-demand promissory notes, stamp papers, lease agreements and other documents. It is estimated that they had illegal financial transactions to the tune of `50 lakh. Koramangala police registered a case.



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