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.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp