Two money lenders arrested

Two money lenders have been arrested for allegedly charging exorbitant interest on loans taken by borrowers, especially farmers.

The accused, arrested yesteray, have been identified as Siddalingaswamy and Manjunath.

Police also conducted raids at other places in Pandavapura and booked cases against five other money lenders, identified as Sumitra, Siddamma, Angadi Narasimha, Somanana and Dinesh.

Police have also seized 200 cheques, promissory notes and some documents from the residence/firm of Siddalingaswamy and recovered several documents from the others.

The raids were conducted based on complaints, Bhushan Gulabrao Borase, Superintendent of Police (Mandya) said.

Borase said police would book cases against money lenders who charged exhorbitant rate of interest under relevant sections of IPC, Karnataka Money Lenders Act and Karnataka Prohibition of Charging Exorbitant Interest Act 2004.
 

"We have launched a campaign throughout the district to create awareness among the people against the menace," the officer said.