Mrs
5 years ago
Hi
One person had given money on interest basis to lend out. But not in one shot but accumulated one. Only thing is we had given him cheques. Recently we gave back 10lakh in one shot and got 2 cheques back. Now he is pressuring saying I need the rest amount in one shot and not ready to giv time. He is saying he will file CIBIL case. We seriously do not have so much money as to whom we have lend are not returning. What can we do in this case? Everyday he keeps going to people whom we know and presuurizing saying will take people to our home and other things
Junaid Ali Khan
Responded 5 years ago
Deepak Yashwantrao Bade
Responded 5 years ago
ROBERT D ROZARIO
Responded 5 years ago
Doing business of money lending without a money lending license is illegal and attracts penal provisions under the Money Lending Act of State. If he is holding money lending license and over charging interest rate above 18%-21% (which varies from state to state) attracts penal provision under the law.
If he is not holding money lending license then you don't have to give him a penny. You don't have to fear about your cheque getting bounce as Court will dismiss his case once the court comes to knows that he is not holding a money lending license.
Contact me through Vidhikarya for further guidance.
Ambrose Leo
Responded 5 years ago
Rajender Prasad
Responded 5 years ago
Nothing will happen. Be courageous.
Manjula Shanmugasundaram
Responded 5 years ago
Rameshwar Dadhe
Responded 5 years ago