RAJBIRAJ, JANUARY 6
An entrepreneur has been arrested on the charge of lending money at an exorbitant interest rate by keeping land and gold as collateral in Dakneswori Municipality, Saptari.
The arrested has been identified as Chandra Kant Sah, 55, of Dakneswori Municiplaity-1.
Sah faces allegations of charging an exorbitant interest(meter interest) and not returning the collateral even after the debtors pay back the loan.
Sah was remanded to the custody by District Court, Saptari, today and police have launched an investigation into him, said DSP Naresh Kumar Singh.
Sah was nabbed based on the complaints registered by Mohammad Aftab Alam of the same municipality, according to DSP Singh.
Sah has been kept in the custody of Area Police Office, Kalyanpur.
Victim of exorbitant interest rate Alam shared that his father Yusuf had taken a loan of Rs one million from Sah by keeping five kathha and 14 dhur land as collateral six years ago.
At the time of giving loan, Chandra Kant had compelled Alam's father to give in writing that he would have to pay back double the loan amount.
As if that was not enough, Alam's father had also signed the land to Sah's name at District Revenue Office Saptari.
Alam bemoaned that he had knocked the doors of the police after Chandrakant did not return land and written paper even after they had cleared both the loan and interest.
Earlier, Sanjeev Mishra had committed suicide due to the meter interest at Saptari's Chhinnamasta Rural Municipality.
Meanwhile, locals, who lost their homes due to meter interest charged by Ramdev Sah, are still protesting against Ramdev in the street in Khadak Municipality, Saptari.
A version of this article appears in the print on January 7, 2023, of The Himalayan Times.
