Kannada film producer arrested

Markersh

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posted on 13 years ago — updated on 1 second ago

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BANGALORE: The sleuths of the Fraud and Misappropriation squad of the Central Crime Branch have arrested a Kannada film producer, ..

BANGALORE: The sleuths of the Fraud and Misappropriation squad of the Central Crime Branch have arrested a Kannada film producer, for allegedly harassing other producers and distributors, by charging exorbitant interest rates.
The accused S Shankar (54), is a resident of Devanga Hostel Road in Sampangiramanagar. The police suspect that the Kannada producer's transactions cross more than Rs 2 crore.According to the police, Shankar did not have the license to be a financier and was charging 1015 per cent interest rates for loans against the interest rates prescribed by the government.

"He lends loan to people, who are in urgent need, at an interest rate of 1015 per cent. If they fail to pay the loan within the time frame, he increases the interest rate. Based on a complaint, his house was raided and he was arrested," the police said.

The accused had produced Kannada movies Matthe Hadithu Kogile, Bangarada Kalasa, Deepavali and Janani Janmabhumi and other films.