Money suit
hage nibo
(Querist) 02 March 2012
This query is : Resolved
I was an agent to a financial company that provided 8-10% of interest per month to its investors. I received 10,00000/- from a customer and invested it in the company with his consent. And I gave him a money receipt to the effect that I have borrowed that amount @ 10% per month. Company disappeared. Now he is claiming that amount from me with interest, saying that he doesn't know the company whether it existed or not; but I have borrowed the money and I have to repay back with interest, thus, instituted a money suit against me. The money receipt is neither registered nor there is any witness. Kindly help.
Raj Kumar Makkad
(Expert) 02 March 2012
These technicalities shall not save you. Persons like you who close their minds under the lust of easy money shall have to face such consequences.
Guest
(Expert) 02 March 2012
In fact, before acceptance of money you should have applied your mind as from where you or even the said company would afford 120% interest per annum.
Your personally granted receipt, itself is a proof of having borrowed money and would hold you directly accountable to the party to return money along with interest. However, you can negotiate with the party for normal rate of interest. Any lapsed time can burden you with interest which would be several times more than the principal amount.
Just think, the terms accepted by yourself on the money receipt would burden you with debt of Rs.12,00,000 to be added every year on the original amount of Rs.10,00,000.
prabhakar singh
(Expert) 03 March 2012
If you made a mess why you are asking us to clean????
