Illegal Money Lending
6 months ago
I'm a social worker from We For You Foundation Nagpur. As we are always on field we connects with many people on daily basis. Many people come to us sharing there problems about the harassment of Illegal Money Lenders. There are many who have taken certain amount from that lenders and due to high interest rates people are unable to repay the principle amount. The rate of interest are 15% - 20% per month, people have paid the interest more than the principle amount still lenders are harassing and torturing them for the monthly interest. In many cases Illegal Money Lenders took the blank cheques, blank stamp paper, original bank passbook, original adhar cards, original pan cards,etc. There are many women's who are suffering from this, illegal money lenders talk to them in very cheap language, they are harassing them mentally and physically as well. Illegal Money Lenders threatens people by depositing those blank cheques in the bank, to file a case in the court. The poor people (borrowers) are helpless they ain't able to do anything. They need our help for this. What we can do to stop this illegal money lending? How can we rescue this borrowers from this trap?
You may lodge through your foundation complaint with Police and concerned department who issues license for carrying on legal money lending licenses.
You can encourage borrowers to take legal action against illegal money lenders. They can report such lenders to the local police or file a complaint with the district magistrate's office. In India, there are specific laws against illegal money lending, such as the Money Lenders Act in some states, which may be applicable. If borrowers have given blank cheques, blank stamp papers, or other sensitive documents to money lenders, advise them to report these losses to the police and their banks. They may need to close or secure their bank accounts to prevent misuse of the cheques.