Loan of Rs 3.1 lakh turns into Rs 18.6 lakh trap; two held for extortion

Belagavi: Raibag police have arrested two men for allegedly extorting Rs 18.6 lakh from a shoemaker after lending him Rs 3.1 lakh and charging exorbitant interest. The accused, identified as Adi alias Aditya Ashok Bhosale and Abhi alias Abhishek Ashok Bhosale, both 25 and residents of Budhnagar in Raibag, are engaged in the clothing business, police said.According to the complaint, Vitthal Tukaram Mane, 33, a resident of Rohidas Galli in Raibag, had borrowed Rs 3.1 lakh from the accused due to family problems. The duo allegedly charged excessive interest and recovered Rs 18.6 lakh from him over time. Despite this, they allegedly continued to demand additional payments.Mane alleged that the accused threatened to kill him, prevented him from conducting business at the weekly market, stopped him from bringing home ration supplies, and subjected him to mental and physical harassment.

Unable to bear the ordeal, he reportedly left his house and took shelter at a relative’s farmhouse.The complaint further stated that the accused forcibly obtained his signatures on bank cheques and blank ₹500 stamp-paper bond documents as security for the loan.Acting on the complaint, Raibag police arrested Aditya and Abhishek on the night of July 4. A third accused is absconding, and efforts are on to trace him. The two arrested men were produced before a court, which remanded them to 14 days of judicial custody.