Navrangpura businessman alleges threats, assault by moneylender after paying dues of ₹13 lakh

A 55-year-old businessman has lodged a complaint at Navrangpura Police Station alleging that he was subjected to illegal moneylending practices, extortion, threats, and physical assault by a local lender who continued to demand large sums despite substantial repayments.

According to the police, a case was registered on April 8. Jayeshbhai Dahyabhai Patel, a resident of Naranpura, stated that he was drawn into a cycle of high-interest borrowing beginning in November 2024 to fund business expansion.

Patel, who is associated with a solar systems dealership and had previously worked as a project manager in a real estate firm, told police that he initially approached an individual at Girish Cold Drinks crossroads, who introduced him to the accused, identified as Cheharbhai alias Labhubhai Rabari.

The complainant alleged that he first borrowed ₹30,000 at an interest rate of 1.5 per cent per month, providing a signed blank cheque as security. Subsequently, he took additional loans at significantly higher interest rates, reportedly up to 10 per cent per month, through multiple transactions conducted at locations including Shreeji Pan Parlour in Navrangpura.

Over time, Patel claimed he borrowed increasing amounts, including ₹2.5 lakh and later ₹1 lakh, while continuing to service interest payments both in cash and via online transfers. He further alleged that the accused collected multiple blank signed cheques and a promissory note as collateral.

Despite repaying a total of approximately ₹13 lakh, comprising both principal and interest, the complainant alleged that the accused continued to demand an additional ₹4.10 lakh, accompanied by threats of violence.

The accused repeatedly threatened Patel over phone calls, warning that he would come to his residence or office and assault him if the demanded amount was not paid. The complainant also alleged that he was physically assaulted during one such confrontation.

Police said the accused was allegedly operating an unlicensed moneylending business from public locations, including Girish Cold Drinks crossroads and Shreeji Pan Parlour, raising concerns over illegal financial activities.

Patel has submitted bank statements and transaction records to support his claims, which are now part of the investigation.

Officials at Navrangpura Police Station confirmed that a case has been registered under relevant sections about cheating, criminal intimidation, assault, and provisions related to illegal moneylending. The investigation will also examine the financial trail and verify the extent of alleged usurious practices.