Financier held for illegal transactions

BANGALORE: The sleuths of the Fraud and Misappropriation squad of the Central Crime Branch have arrested a money-lender for allegedly harassing people by charging exorbitant interest rates.The accused has been identified as Srinivasa Naidu (50), a resident of  Malleshwaram. The police have estimated that he has made illegal  financial transactions to the tune of Rs 50 lakh.According to the police, the accused used to give loans to people, who needed it immediately, at an interest rate of 10-15 per cent. If they fail to pay the loan with interest, he allegedly increased the rate of interest and harassed them. The police have seized more than 20 signed cheques, blank on-demand promissory notes, blank stamp papers and other documents related to his transactions. Also, a car, Rs 75,000 cash and a mobile phone have been seized from him.A case has been registered in Malleswaram police station in this connection.