Businessman extorted 80L in meter interest

Bengaluru, NT Bureau

The menace of ‘meter interest’ loan sharks is on the rise again in the city. A case has come to light where a businessman was extorted 80 lakh in interest on a 25 lakh loan. Based on a complaint filed by Akshay Alavandi, a businessman, the CCB police have registered a case against Pradeep Gowda and Bhaskar Gowda under the Karnataka Money Lenders Act and are investigating.

Akshay, a resident of Banashankari 2nd Stage, had borrowed 25 lakh from Pradeep and Bhaskar in 2024 to start a new business. After lending the money, the accused began collecting interest every week and has already collected 80 lakh from Akshay. They also allegedly threatened his life, demanding an additional 70 lakh.

When Akshay failed to provide the 70 lakh, they forcibly seized a Tata Nexon car registered in his wife's name. Additionally, Akshay alleges in his complaint that they forced him to sign forms 29 and 30 and are harassing him.