TIRUPUR: In a shocking incident, a financier allegedly had a man’s house demolished with an earth-mover in Palladam late Wednesday night.
The man had taken a loan of Rs 10 lakh from the financier with his house as collateral in 2010 but has been unable to repay the interest and principal in recent years due to financial difficulties.
According to the police, Rajeswaran (48) lived with his wife Kavitha (40) in Kosavampalayam in Palladam. Rajeswaran approached Eswaramoorthy (45), a financier from Dharapuram, for a loan in 2010.
Eswaramoorthy offered the loan of Rs 10 lakh at an interest of 3.5 cent and took the land documents to Rajeswaran’s house as collateral.
Rajeswaran paid the interest and part of the principal over the next three years before falling on hard times and missing payments. Eswaramoorthy asked the family to vacate the house or repay the loan.
When they said they couldn't do either, he filed a civil suit in the Tirupur District Magistrate Court in 2013.
Although the case is still pending, a few days ago Eswaramoorthy approached the family and told them to leave the house. The couple refused and said they would follow the court’s orders.
Police said this response angered Eswaramoorthy, with six others, banged on the doors of the house at midnight on Wednesday.
When the couple opened the door, the men allegedly barged in, wielding knives. They pulled the couple out of the house and demolished the building with an earthmover, police said.
A portion of the house, including two shops, has been flattened. The group fled once neighbours raised an alarm.
The couple lodged a complaint against Eswaramoorthy and the six persons and a case was registered under seven sections of the IPC at Palladam Police Station on Thursday afternoon.
Police have detained two persons in connection with the incident.