Chennai: Gang of usurers held
Members use signed stamp papers to sell restaurant
By : DC Correspondent
Update: 2015-08-24 05:28 GMT
Chennai: Police arrested a usurers’ gang that had taken over a restaurant premises worth over Rs 1 crore after lending Rs 5 lakh to the proprietor. Despite the fact that the owner had paid the principle and the interest, the gang had thrown him out of the restaurant located in Vadapalani and sold it to another person using the signed blank documents collected from him.
It all started last year when Ashok Nagar resident T. Sathish, who had invested nearly Rs 1 crore in his restaurant, approached Om Sairam Finances in Kolathur for a loan of Rs 5 lakh to make the eatery functional.
The finance firm sanctioned the amount but he received only Rs 3.6 lakh. The managers had taken Rs 1 lakh as interest and Rs 40,000 as two installments of a chit he was forced to join.
The firm also collected blank signed cheques and signed bond and stamp papers.
After Sathish paid them back, one day the gang headed by one Stalin managed to throw Sathish out of his restaurant when he refused to pay another Rs 10 lakh demanded by them.
Though they managed to close the restaurant, Vadapalani police helped Sathish to reopen it. However, the usurers managed to sell the restaurant to a third party for Rs 50 lakh by using the documents pledged with the firm in December last year. The gang kept coming to the restaurant with arms and continued to make threats asking him to vacate.
Based on a complaint lodged by the victim in June, the police arrested Stalin, 36, of Ayanavaram, Sathishkumar, 27, from Kumaran Nagar, Sathish, 25, of Perambur, Shanmugham, 33, from Purasaiwalkam, Victor of Thirumullaivoyal and Rajaram, 44, residing at Perambur on Friday.