Loan harrasement
Sir, Their is a private Money Lender in our area, My friend took Nearly 5 Lakhs in form of cash over a Period of time. initially Interest was 5% but later He raised Interest Amount to 10% Per Month which adds up 120%/Annum, He demanded to Return Amount or Accept the Interest rate,With No Option he accepted. He Took Blank Cheque & My Friend has Signed on Blank Papers., That Money Lender is Local Goon, Who has a team of Rowdies to recover Amount., For Delays he charges Penalty which is more than Interest Amount. my Friend has paid More than 15 Lakhs in Interest, In That around 7 to 8 Lakhs through Bank, remaining in form Cash.
Due to Covid, My Friend had loss in Business, Where he couldn't pay interest on Time.., Now The Interest Amount & Penalty are 250% More than the Principal Amount. He is harassing with Rowdies, Where he has Support Local Police & Local Political party. In the fear of this many are not complaining about him.
Now he came up with the New Rule, He will give amount through Bank Transfer but Interest should be paid in form of cash only.
Now My Friend's Principal Amount is around 5 Lakhs, Interest & Penalty Comes around for 11 lakhs for a Period of 8 Months. He is demanding that he will deposit 15 Lakhs in Our Account, Immediately we have to Withdraw amount on self cheque & give to him, My friend is in Helpless situation. Their are many People who are harassed by him continually. I want to help my friend in this regard.
I want to complain but we fear he has an influence & Money to get out of it easily & again target us for complaining. Plz provide details to Complain on his Transactions to income department & legally Counter the Money Lender.