4 yrs ago i took 5000000 from my several friends for shares trading. partly not at one time. i used to give them 10 to 15% per month by my skill in share mkt. last year in feb 2013 one of my investor who invested 3000000 with me in december 2012 asked money prior the date immediately. at that time i fail to give him back that money, after that he impose 25% interest p.m on me on 3000000, along with that he defame me and in the result everyone asking to return there money immediately and i fail to do that, all of sudden i saw myself in big trouble then i took money on high interest and try to give them interest and there money. Interest on interest and this cycle goes on after 6 months i found myself in loan of 3Cr. (30000000). now my life is just hell. lost everything name fame and even my life. i am now nowhere. dont know what to do and want to do suicide with my family which contains mother, wife and 1 mentally and physically handicapped sister age 36.
everyone come to my home give bad words to me my wife and mother. hit me give me life threat everything they can. i dont know what to do ? just can say one thing... HELP!!!!!
Asked 3 years ago in Criminal Law from Vasai, Maharashtra
I sympathize with you but there is no legal solution to the predicament you have landed yourself in. You have taken loans at exorbitant rates on interest. The amount is required to be repaid. What you can do is request the creditors to reschedule the loan in easy installments.
If any one threatens or hits you for your failure to repay the loan then file a police complaint against him. If the loan has not been repaid then creditor can take recourse to law to recover it from you. Under no circumstances he can take the law in his own hands.
Wish you all the best!