Rs 1 crore recovered from illegal money lenders

BANGALORE: The sleuths of the Central Crime Branch have arrested three money lenders in two separate incidents for allegedly harassing public by charging high interest rates.
In first case, police arrested R Babu (35) and Ashwin (32), both residents of Vidyagiri Layout of NagarabHavi. They were running Om Shivashakthi Krupa Finance and Raghavendra Enterprises on MES Ring Road near Bahubalinagar in Jalahalli. They used to give loans to people who needed it immediately, at an interest rate of 1015 per cent. If the borrowers failed to pay the loan with interest, Babu and Ashwin allegedly used to increase the rate of interest. Also, they allegedly used to threaten the debtors through goons and forcibly used to get the debtors' assets transferred in their names, police said.Police have seized more than 50 signed blank cheques, ondemand promissory notes and other documents related to the illegal transactions and `1 lakh cash from them. It is estimated that they have made such illegal financial transactions to the tune of `1 crore. A case has been registered in Jalahalli police station in this connection.