Hand loan taken and property sale agreement made for lenders assurance (misrepresentation)
2 years ago
My parents needed urgent money during the pandemic and took a hand loan of 10lakhs from a loan shark @15% interest, the loan shark gave the money but made my parents sign a misrepresented sales agreement as they had no idea about the foul play. My parents could not come up with the money in 3 months' time, so he has filed a case saying he owns the house as the misrepresentation in the agreement stated that it was for 80lakhs and not 10lakhs. We are willing to pay back the amount taken but he is asking for 40lakhs more just to withdraw the case (Which we do not have as my parents are medically bed bound)
What can I do in this case? Please help!
Load taken - 10lakhs (by cheque)
Paid back 3 lakhs (Cheque and cash)
Evidence - We have what's app chats and voice messages that shows it is a hand loan.
Agreement - numbers mentioned is 10lakhs but at the end for total, its mentioned as 80lakhs.
A.Dear Sir,
You can lodge a police complaint otherwise private complaint and in the meanwhile issue legal notice and cancel that false sale agreement.
It is quit amusing to know that the lender has cheated you but your parents must have seen the docs and read it before signing. If he has done all this after taking the signature and then you can challenge his action in the court of law. Also, since he has given only 10 lacs through cheque so, it will be difficult for him to prove 80 lacs.
Also, if you are able to gather evidence against him then can file a criminal case of cheating and fraud.
Since you were completely unaware of the misrepresentation in the sales agreement, the said contract can be termed as void and you aren't liable to pay 40 lakhs to withdraw the case.
Thank You
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