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What are the laws against undocumented loan with online transactions
11-Jul-2023 (In Banking / Finance Law)
Two years ago, my brother borrowed 8 lakh rupees from his friend at 7% monthly interest rate. He has paid almost 14 lakhs in interest.The principal amount still stands there. He has given 8 undated cheques of one lakh each as security. There was no official documentation done. The amount was borrowed in cash and the return transactions are online. What if he doesn't pay the principal amount? What does the law says?
Sir in that case you will file the security cheque with your bank and if these cheques were bounced then you will opet for cheque bouncing case and than criminal proceedings will started against your brother.
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Adv. Lavika Gupta
Delhi | 100+ Answers
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criminal proceeding will be initiated against your brother in which he can be put behind the bars, you need to contact me on urgent basis for proper and exact solution which can help u in a long go. feel free to approach
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Adv. Prateek Kohli
Delhi | 25+ Answers
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