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       CITYNEWS Next Article: Man held on charge of duping job seeker  
       Money lending racket busted
         Posted on :09:36:10 Mar 11, 2018
       Last edited on:09:36:10 Mar 11, 2018
         Tags: money lending, racket, bust

KOCHI: The Kochi City police busted a multicrore moneylending racket and arrested three persons in this connection. The arrested were identified as Isakkamuth, Sittarash, and D Raj Kumar, all natives of Tamil Nadu. The police also seized about 15 promissory notes and 20 blank cheques from their possession.

The police said the racket was being funded by one Maharaj, an entrepreneur based in Chennai. The racket, which had been operating in the State for the last few years, purportedly disbursed several crores of rupees as short-term loans at exorbitant interest rates across Kerala.

A follow-up investigation was on to trace their source of income and extent of business. The documents seized from them also suggested that they had extended short-term loans to several business groups in Kochi.

The trio were arrested on a complaint by one Jacob Philip, who borrowed Rs. 40 lakh from the racket in September last year. The loan had been issued against 40 blank cheques, 20 promissory notes, and the registration book of his luxury car.

“Though the borrower had returned the principal amount along with an interest of Rs 2 lakh within the stipulated time period of 21 weeks, the accused kept harassing him and his family,” said K G Aneesh, Palluruthy Circle Inspector.

Philip approached the Palluruthy police station with a complaint. The accused were booked under provisions of the Kerala Money Lenders Act and IPC 420 and produced before a magistrate.

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