• Saying excess amount loan

Dear sir,

 My brother taken a loan from his friend know financier of Rs.70,000/- my brother paid 70,000/- it is weekly finance of rate of interest @18% pm now the total value nearly 1,50,000/- my brother now unable to pay he loss in business.
 Today we have received one lawyer notes in that my brother have taken a loan of 10,00,000/- with the interest of 2% pm you are not paying interest and principal amount pay the amount with in 15 days or we can take legal action.
Asked in Business Law from Hyderabad, Andhra Pradesh
do not worry,are they licensed money lender
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations

3.5 on 5.0

i advise you to kindly hire a local advocate for giving proper reply to notice which you have received
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations

3.5 on 5.0

Your brother had done a great mistake in signing on a blank paper.
Now immediate ask him to lodge a police complaint alleging that the financier has forged the ppaer and distorted the amount written therein.
He can make allegation of criminal intimidation.
Unless he makes counter attack, he will be in great difficulty.
And do reply the notice controverting each allegations and raising counter allegations.
Devajyoti Barman
Advocate, Kolkata
7326 Answers
85 Consultations

4.9 on 5.0

Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations

3.5 on 5.0

Dear Querist
If there is no license for money londering then he can not file any suit against your brother before civil court. Recently the SC held that without license the money lander has no right to file the case  the suit will not be maintainable. 
Contact a lawyer personally in your area it will be better for best advice and send reply of this notice. 
Feel free to call
Nadeem Qureshi
Advocate, New Delhi
4000 Answers
159 Consultations

4.9 on 5.0

1) you have to contact local lawyer and reply to notice . 

2) you should never have signed on blank paper 


3) once you sign blank document the financier can fill in the details . 

4) you should in reply to notice mention that only loan of Rs 70,000 was taken . Rs 10 lakhs is not due and payable as alleged 

5) there was no agreement to pay interest @2%as alleged 

6) file complaint of criminal intimidation against financier
Ajay Sethi
Advocate, Mumbai
28640 Answers
1555 Consultations

5.0 on 5.0

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