Chennai: Car loan defaulter threatens recovery agent with airgun

A case of a cooking gas agency executive threatening the bank’s recovery executive who went to collect the loan payment of his car that he had been defaulting on, has come to light in Chennai.

life threat for loan collection agent

life threat for loan collection agent   |  Photo Credit: Thinkstock

A case of a cooking gas agency executive threatening the bank’s recovery executive who went to collect the loan payment of his car that he had been defaulting on, has come to light in Chennai. The man used a gun to chase away a loan recovery executive, reports say.

Sales of cars in the country have increased manifold after the investment in the service sector grew and easy vehicle loans with very little upfront payment and easy EMIs have proliferated throughout the country. This has led to many people being not in a position to pay the car loan EMIs after paying a few months, due to severe financial constraints and they lose the vehicles they purchased as well.

At the same time, there are cases where people have submitted fake documents to avail the loans and have cheated the banks. The above incident seems to be one such case.

Kanagavarajan (60), a resident of Anna Nagar West, runs an agency for the supply of cooking gas, in Ambattur. He had purchased a luxury BMW car recently on the EMI payment scheme. While Kanagavarajan had been regular with his loan repayments in the first few months, the past 5 months he has been defaulting on the EMIs. Moreover, he had not been properly responding to the bank’s queries on the loan repayment.

It was under these circumstances that one Murugan, 28, a loan recovery executive from the concerned bank reached Kanagavarajan’s house to personally collect the EMI payment. A heated argument ensued there and Kanagavarajan then went inside his house and brought a licensed revolver and threatened Murugan that he will shoot him dead. Murugan rushed out of the place fearing for his life.

Murugan then reached his office and narrated the incident and following which the financial institution took Murugan to the Tirumangalam police station to file a complaint. Inspector Rajesh Krishna tried to bring peace by calling both the parties but this was also thwarted by Kanagavarajan who brought in lawyers and further engaged in arguments.

Finally, the Deputy Commissioner of Anna Nagar Police came personally and made enquiries. Following this, the police has registered a case against Kanagavarajan on several counts, including attempt to murder and arrested him.

[“source=timesnownews”]