Need to recover debt from a person
5 years ago
I had lended 9 lakhs to an aquarium businessman who at the time seemed to be genuinely in need of money to run his business. I got a written agreement on a normal paper with a witness sign from my end and this aquarium businessmans signature. This agreement stated that he would repay my 9 lacks with an interest of 36% at the time of Rrepayment which was 9 months from the date the agreement was made. Its been 3 months now since i lended him the money. Recently i uncovered that this person had borrowed money from many other people ( most of whome were his customers ME INCLUDED) and promised them the same thing. This person has disappeared and not answering his calls or responding to mails. Is there any legal way to recover my money and what is the procedure. I am just a student and i don't have any money at the moment. PLEASE HELP!
Deepak Yashwantrao Bade
Responded 5 years ago
ROBERT D ROZARIO
Responded 5 years ago
Hence your agreement with him is a void agreement and forbidden by law:-
(i) if you don't have a money lending license
(ii) if you have a money lending license but you've overcharge him above interest rate of 18%-21% as it is liable for imprisonment for a term that may extend to three years and also a fine that may extend to Rs 30,000.
under these circumstances your complaint is liable to be dismissed.
Ambrose Leo
Responded 5 years ago
T B L Murthy
Responded 5 years ago