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Film financier booked on usury charges
Teynampet police have booked a city-based financier on usury charges. The accused, R Sumit Chand Babna, is said to be the proprietor of Mahalakshmi and Sons, and Vinitha Associates on Chamiers Road.
By
migrator
migrator
Chennai
N Shanmugasundaram (56) of Ashok Nagar, managing director of Move Tech Engineers Pvt Ltd, took a loan of Rs 39 lakh from Sumit Chand in two instalments to expand his quarry business in 2014. He had repaid Rs 49 lakh, including interest. However, when Shanmugasundaram asked for the empty cheques and documents submitted for security, Sumit Chand allegedly demanded Rs 77 lakh more and threatened to sue him for dishonoured cheques. Based on his complaint, Sumit Chand was booked. But the accused is said to have got anticipatory bail. Â
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