Puducherry Man Made To Pay ₹38,000 Interest Per Month On ₹3.8 Lakh Loan, Dies By Suicide

(MENAFN- Live Mint) A 33-year-old man in Puducherry reportedly died by suicide after allegedly experiencing relentless pressure from private moneylenders who forced him to pay colossal interests.

According to a report by NDTV, the victim was identified as a local functionary of the Tamilaga Vettri Kazhagam (TVK), a political party floated by Tamil actor Vijay.

Vikram, a small entrepreneur, who also worked at a chicken shop, was left paralysed in an accident, leaving him unable to repay his loans.

As per police sources quoted by NDTV, the deceased left a suicide note naming several private moneylenders who allegedly pushed him to take the extreme step.

₹38,000 interest on ₹3.8 lakh loan

In his suicide not , Vikram reportedly mentioned about the exorbitant interest rate that he was being forced to pay to the moneylenders.

He reportedly wrote that he was paying ₹38,000 as interest every month on a loan of ₹38 lakh. That amounts to a staggering 10 per cent interest rate every month.

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Vikram was also paying ₹6,000 as monthly interest to another moneylender for a loan amount of ₹30,000, as per his suicide note.

Suicide note describes harassment

The victim also described the details of the harassment he faced from these moneylenders. In one of the instances, he mentioned that one of the loan sharks asked him to send his wife and daughter to his home until he could repay the money, as per the NDTV report.

The harassment allegedly increased after his accident, when he became bedridden, pushing him and his family into a spiral of debt, desperation and fear.

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Vikram made a heartbreaking appeal in his suicide note to Tamil actor Vijay, the founder of TVK, to look after his wife and daughter after his death.

The police have launched a probe into the allegations and are currently identifying and verifying the moneylenders mentioned in the suicide note, according to the NDTV report.

However, no one has been arrested so far.

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While authorities have promised a thorough investigation, the incident has ignited public outrage on social media. Many have called for immediate action to put curbs on illegal moneylending and have appealed for justice to the family of the victim.

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