Bangalore:
A 42-year-old private financier was arrested by the fraud and misappropriation squad of the central crime branch (CCB) police on Monday for allegedly collecting exorbitant interest against loan amount he was giving to his customers.
The Banaswadi police have registered a case against Bojaraja Shetty of Muddanna Road in Maruthi Seva Nagar under the provision of the Karnataka Money-Lenders Act.
The police raided his Venkateshwara Real Estate and Land Developers office after complaints by some customers. The police seized blank cheques and empty stamp papers with signature of his customers along with other documents relating to his business.
The accused was running the business without permission and was charging an interest rate of between 10% and 20% a month. Shetty was harassing his customer who delayed paying the interest amount to him. He also engaged goons to recover money from his customers. Shetty had transacting of more than Rs 2 crore in the business.
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The Banaswadi police have registered a case against Bojaraja Shetty of Muddanna Road in Maruthi Seva Nagar under the provision of the Karnataka Money-Lenders Act.
The police raided his Venkateshwara Real Estate and Land Developers office after complaints by some customers. The police seized blank cheques and empty stamp papers with signature of his customers along with other documents relating to his business.
The accused was running the business without permission and was charging an interest rate of between 10% and 20% a month. Shetty was harassing his customer who delayed paying the interest amount to him. He also engaged goons to recover money from his customers. Shetty had transacting of more than Rs 2 crore in the business.
Copyright restricted. Under license from www.3dsyndication.com
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