Financer booked for threatening jewellery trader

RAJKOT: A 33-year-old trader engaged in silver and gold jewellery was kidnapped and threatened by moneylenders.

Jitendra Zinzuwadia, a resident of Bedinaka area, has lodged a complaint against moneylender Balwant Chavda who has been booked under various sections of Indian Penal Code and Money lending Act with the A-division police station.

Chavda allegedly abducted Zinzuwadia from his house on Thursday, took him to a restaurant on Kuvadava Road and thrashed him. The accused then took him to a court and forced him to sign on four blank cheques and that Zinzuwadia had sold his SUV to him for Rs five lakh. He was also forced to sign promissory notes with a commitment of Rs 10 lakh payment.Chavda also threatened him and his family with dire consequences with life if he did not arrange for Rs two lakh by Thursday evening,” said police, adding that the victim approached them at around 2am on Friday.

Zinzuwadia runs jewellery business in Boghani Street in Rajkot and his family lives in Divanpara.

Zinzuwadia told police that he came into contact with Chavda, a private financier, through his friend Shailesh two years ago.

“I needed some money for business and borrowed Rs three lakh on five percent interest from Chavda. I paid the interest regularly to him and till date I have paid him Rs 15 lakh. These days I am going through financial crisis and unable to pay interest regularly but Chavda is demanding Rs 10 lakh including principal and interest amount and has started threatening me,” Zinzuwadia said in his complaint.

[Source:-TOI]