Complaint lodged against pawn shop owner for collecting more interest

Mysuru: A resident of Srirampura has lodged a Police complaint against the owner of a pawn broker shop for collecting more interest by violating the law. Shashikumar, owner of Tirupathi Credit Services and a resident of Srirampura is the person who has lodged a complaint against the owner of Lachman Chand Parasmal Pawn Broker shop on Basaweshwara Road in K.R. Mohalla.

In his complaint to K.R. Police, Shashikumar has stated that on Dec. 7, he had pledged a gold chain, gold pendant and gold beads at Lachman Chand Parasmal Pawn Broker shop for Rs. 50,000 during which the owner of the pawn shop had deducted Rs. 875 as interest for the first month at the  rate of 1.75 percent and gave him the balance amount. He has further stated in the complaint that as per the law, the owner should charge 14% interest annually but the pawn shop owner was collecting interest at the rate of 21 percent annually.

K.R. Police, who have registered a case in this regard, are investigating.

 

This post was published on January 4, 2018 6:36 pm