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Stuck in Borrowed Money Issues


22-Nov-2023 (In Criminal Law)
My father borrowed around 80 lakh from 5-6 people for doing some business at interest rate of 10% per month he was paying 8 lakh interest per month (don't know who set this) He paid this interest for like 4 months then unexpectedly someone did fraud with my father and run away with 80-90 lakh my father use to believe too much in him Now those people from who my father borrowed 80 lakh they are all sitting on our head that pay us back but he don't have anymore money everything is gone and those people are putting pressure on us everyday its always stress, insulting and its becoming difficult to live in society, don't know if they will kill us for money One of them says i will bring Police for recovery, FIR etc making it worst situation Now i wanted to ask what to do in this situation? if they bring Police, FIR etc how to save ourself? it was all black money there is no proof or agreement etc, We live in rented home, no car etc only reason they given us so much money was 10% interest
Answers (1)

Answer #1
545 votes
see I want to ask a very simple question from you and that is did the people who lend money to your father are the licensed money lenders?? because in India lending money on interest can only be done by licensed person who have been licensed to extend money on interest.

with regards
Shasha Jain, Adv

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