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Author Topic: I'm Stuck in Borrowed Money Issues  (Read 400 times)

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Offline Something2332

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I'm Stuck in Borrowed Money Issues
« on: November 20, 2018, 12:59:21 PM »
This is not typical everyday issue but its true

My father borrowed around 80 lakh from 5-6 people for doing some business at interest rate of 10% per month this so much that your money will get double in one year he was paying 8 lakh interest per month (don't know who set this)

He paid this interest for like 4 months then unexpectedly someone did fraud with my father and run away with 80-90 lakh my father use to believe too much in him and he did this

Now those people from who my father borrowed 80 lakh they are all sitting on our head that pay us back but he don't have anymore money he paid them 2 months more interest from his own but all money is gone and those people are putting pressure on us everyday its always stress, insulting us and its becoming difficult to live in society, don't know if they will kill us for money

One of them says i will bring Police for recovery, do FIR etc making it worst situation

I'm his son but i don't have so much earning that i can pay them and they always putting pressure on me as well my mother for paying back but we don't have anything

Now i wanted to ask what to do in this situation? if they bring Police, FIR etc how to save ourself? and it makes sense that they asking me and my mother to pay their money me and my mother don't have any role in this whole thing expect he is my father and i don't have so much money as well


Few Things:

All money they given is cash and it was black money
There is no proof or agreement or anything that they given us money
We live in rented home, no car, no luxury all simple only reason they given us money was 10% interest and father is bit reputed person
Those 5-6 people already got their 55% money back in form of interest but they are asking full payment


So what to do if they bring police? even though there is no proof but police is so much corrupted that if you will pay them 1000 rs they will be ready to go anywhere for warning or arrest etc even without any proof they will arrest us when 5-6 people will put force that they have to pay our money

So, If there is anything i can do to save myself and family please help! we will change society in few days but i hope we will stay alive for that

Offline kalaskarkk

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Re: I'm Stuck in Borrowed Money Issues
« Reply #1 on: November 21, 2018, 12:53:05 AM »
Dear Sir,

If the said amounts were paid illegally and without maintaining any records about the source of income then same cannot be recovered legally. Please ask them to approach civil court for recovery if they have proper documents. It is a civil matter and police cannot interfere. Further you can file a suit against them restraining them interfering with your body and person illegally. The following judgment of supreme court is useful.

ICCI Bank Limited vs. Prakash Kaur case,

The Supreme Court in a landmark judgement  reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are governed by the rule of law," a bench comprising Justices Tarun Chatterjee and Dalveer Bhandari said.
The court while dismissing the ICICI Bank's plea refused to delete the Delhi High Court's remarks that held the bank and its musclemen responsible for abetting a youth to commit suicide by humiliating him and taking away his motorcycle financed by the largest private sector bank.
It also asked the ICICI Bank to to pay Rs 25,000 as cost of this litigation to the respondents within three weeks and directed the Delhi Police to conclude the investigation against the bank expeditiously within three months, keeping in view the gravity of the allegations.
The court also directed the concerned Deputy Commissioner of Police to submit the investigation report in the Delhi High Court.
According to the court, complaints received by Reserve Bank regarding violation of the above guidelines and adoption of abusive practices followed by banks recovery agents would be viewed seriously.
Reiterating the RBI Guidelines on Engagement of Recovery Agents, the court said, "The Reserve Bank may consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period. In case of persistent breach of above guidelines, Reserve Bank may consider extending the period of ban or the area of ban."
"RBI had expressed its concern about the number of litigation filed against the banks in the recent past for engaging recovery agents who have purportedly violated the law," Justice Bhandari, writing the verdict for the bench, stated.
RBI in a letter accompanying its April 24, 2008 Guidelines had stated that it might consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period.
ICICI Bank had moved the apex court seeking deletion of some paragraphs in the High Court order which had said that "...the proximate cause of death of the deceased that led him to commit suicide was on account of humiliation caused by the Bank people from where loan was taken by him."
"The modus-operandi employed by the banks like ICICI for realisation of their loan amount and for recovering the possession of the vehicle against which loans are given is extra legal and by no stretch of imagination they can be permitted to employ musclemen and goons for recovery of their dues even from a defaulting party," the High Court had observed.
The High Court order had come on a petition filed by Shanti Devi Sharma, the deceased's mother, seeking a probe against the ICICI bank and its staff for the unlawful action, which led to the suicide of her 34-year old son Himanshu Dev Sharma.
Sharma had committed suicide in October 2005 by hanging himself at his house after he was allegedly intimidated and humiliated in front of his neighbours and family by recovery agents employed by the bank for recovering the loan amount taken for his motorcycle.
The ICICI Bank had contended that it was within its rights to recover loans and had followed the required procedure for recovering dues.
« Last Edit: November 21, 2018, 04:19:29 AM by admin »

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