K G SAJU (Lead Design Engineer) 25 April 2013
One of my friend is actively involved in money lending after taking property documents and blank cheques from borrowers. He also charge heavy interest on this. By this way he has earned croes of ruppes.
Is anything illegal on this?
If someone want to trap him how is it possible?
Advocate Ravinder (Advocate/Attorney) 23 May 2013
The money lender should possess a valid money lending licence. Otherwise it is illegal. Charing interest arbitrarily is also unlawful as per the RBI guidelines.
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