Cops Arrest 2 Loan Sharks Over Usury

Published: 30th May 2015 06:00 AM  |   Last Updated: 30th May 2015 04:34 AM   |  A+A-

CHENNAI: The city police on Friday arrested two financiers who were allegedly involved in usury for over a decade in the city.

Responding to a complaint lodged by S Kalpana, of Purasaiwakkam, police arrested S Alagendran (30) and M Muthuvel (44), both of Anna Nagar West.

Kalpana, in her complaint stated that in 2014, she got Rs 12 lakh as loan from the two by mortgaging her property. She subsequently settled the loan’s principal amount and interest, even after which, she alleged that the financiers demanded an extra Rs 10 lakh to transfer the mortgaged property.

After preliminary probe, both the accused were remanded to judicial custody.

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