Rakesh 22 November 2019

How do i save my property from the clutches of a moneylende?

I had taken a loan of 2 lakh in 2014 from Mr. Prakash who is a moneylender in exchange for my property document, a promissory note and a blank cheque. In 2017, I wanted to clear the principal amount plus some part of the interest( 4 lakh). But he refused to take the money unless I repay the full amount which was 5 lakh. Then I realised this was because he had desire to acquire my property and was waiting for a chance. And now he is asking for even more interest. He is basically blackmailing me. Someone advised me that one way to get out of this trap is to declare the property document to be missing and apply for a duplicate and then register it to my wife’s name so that Mr.Prakash cannot get back at me. Also I do not have any other property to my name.Is this advisable? What are the risks in doing this?

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Sb Karma 22 November 2019

Originally posted by : Rakesh
	I had taken a loan of 2 lakh in 2014 from Mr. Prakash who is a moneylender in exchange for my property document, a promissory note and a blank cheque. In 2017, I wanted to clear the principal amount plus some part of the interest( 4 lakh). But he refused to take the money unless I repay the full amount which was 5 lakh. Then I realised this was because he had desire to acquire my property and was waiting for a chance. And now he is asking for even more interest. He is basically blackmailing me. Someone advised me that one way to get out of this trap is to declare the property document to be missing and apply for a duplicate and then register it to my wife’s name so that Mr.Prakash cannot get back at me. Also I do not have any other property to my name.Is this advisable? What are the risks in doing this?

You can do this but it is not a very good idea......but you can keep duplicate copy along with you from reg.office

Now solution is...say him to drop the cheque in bank then it will bounce,then he need to file a notice(legal) for demand of his money,then you can go for the out of the court settlement,where he need to go with valid legal capital and interest only there he can not ask for illegal amount like 20% interest...bla bla bla..

But before all this please aquired duplicate copy of your property paper from reg.office