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Moneylender who had threatened 40-year-old share trader nabbed

According to Sagar Gaikwad, moneylender Ravi Pawar had issued threats to him following which he killed his family; cops say Pawar did not have the necessary licence

A day after 40-year-old share trader Sagar Gaikwad killed his wife, child and mother over his frustration of not being able to repay his loans, ('Unable to pay Rs 8-lakh loan, man kills wife, child and mother') the Wanawadi police have arrested Ravi Narsingh Pawar, a moneylender, who had given Gaikwad a loan.

In the net: Sagar Gaikwad (centre), who confessed to killing his family, has been remanded to police custody till April 15
In the net: Sagar Gaikwad (centre), who confessed to killing his family, has been remanded to police custody till April 15 

Cops said that Pawar was arrested for failing to possess a valid licence, which is mandatory under the Money Lenders Act.

He has been remanded to police custody till April 12 and has been charged under sections 392 (robbery) of the Indian Penal Code and sections 32(b) (carrying on money-lending business without valid licence) and 34 (general provision regarding penalties) of the Money Lenders Act.

According to Gaikwad's statement on Tuesday, Pawar had threatened Gaikwad and his family of dire consequences if he failed to repay part of his loan, following which Gaikwad killed his wife, mother and seven-year-old daughter.

Assistant Inspector AK Bagwan from Wanawadi police said, "Pawar has been in the moneylending business for the last six years in Laxmi Nagar area of Yerawada. He does not have a valid licence. Initially, he began by giving loans of Rs 20,000. Gaikwad had taken a loan of Rs70,000 on a 15 per cent interest rate."

Bagwan added that they nabbed Pawar after finding Gaikwad's car documents at his place and also post-dated cheques issued by Gaikwad to him. "We are yet to verify the transaction details between the two," he added.

Meanwhile, Gaikwad has also been remanded to police custody till April 15.

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