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40-year-old Subramanian, an oil and textile trader borrowed Rs eight lakh from Nandhakumar recently.
But the trader could not be able to pay the exorbitant rate of interest asked by the financier following which he harassed Subramanian.
Unable to bear the situation, the trader committeed suicide by consuming poision on Friday.
On a complaint by the trader's wife, police arrested the financier and his associate under sections 306 (abetment of suicide) of IPC and Tamil Nadu Prohibition of Charging Exorbitant Interest Act 2003.
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