Private money lendors

Nagnath Jagtap (Querist) 12 December 2013 This query is : Resolved
Sir/ Madam,
In 2010 I have taken Rs. 3 Lacs from Private Money Lendor (5% per month). After 3 months he increased rate 10% per month and told me personally if i refuses to pay he will kill my child. After all this i submitted application in police station alongwith receive copy. PSI callled my mother, wife and private money lendor and wrote something on paper and took signs.

Now situation is till date i am paying him in cash he is not accepting cheque payment, police is not supporting. If we visit police station person get information within 10 minutes. Please suggest what to do?

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Guest (Expert) 12 December 2013
Send a complaint by Registered post to The Commissioner or Superindent of police of your area and Hon'ble Chief Minister Cell marking copy to local police station in detail about the money paid by you so far and regarding the Threats.Also send a Lawyer notice to the unauthorised Money Lender the money returned by you is more than sufficient and any cause of damage to your life or to your family members only he would be responsible.Consult the lawyer and be bold

ajay sethi (Expert) 12 December 2013
how was loan received cash or cheque? you have no evidence of cash payments made .moneylender must not be giving any receipt

does money lender have license .? payment of interest at 10%per month is exorbitant .
you will never come out of money lender clutches . hope you have not signed any blank documents . issue legal notice to money lender regarding threats , complaint made to local police station .

ajay sethi (Expert) 12 December 2013
even if you had taken personal loan from bank rate of interest would not have been more than 18%. here you are paying 120%interest per year

Rajendra K Goyal (Expert) 12 December 2013
You have to take stand. Send complaint to Commissioner of Police, DG of police, Chief Minister,Home Minister. Send notice through a lawyer. Send copy of all to local police station.

Raj Kumar Makkad (Expert) 13 December 2013
If police do not take appropriate action, d file a criminal complaint before the area magistrate.

T. Kalaiselvan, Advocate (Expert) 19 December 2013
I agree with the experts' advises.

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