CHENNAI: Enforcement Directorate (ED) has arrested P Maharajan, the alleged kingpin of money lending racket at Kombankulam village in Sathankulam taluk of Thoothukudi district.A release said Maharajan is the alleged kingpin in the Rs 500 crore illegal money lending and extortion ring which is operated using multiple shell companies and recovery agents.
In July, a police team from Palluruthy arrested Maharajan. However, he was rescued from police custody by a 15-member gang on the Salem-Coimbatore National Highway. Following this, an eight-member team went on a mission to arrest the loan shark, who is allegedly the leader of an illegal money-lending ring at Virugambakkam here.
He was later arrested by Kochi police from Virugambakkam. Police had to open fire to disperse the henchmen of Maharajan, who reached the spot to rescue him.“By running the alleged illegal money lending and extortion business, Maharajan along with other accused have earned proceeds of crime worth hundreds of crore,” ED said.