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MI’m working in a private IT firm (CTC 4.5LPA). A close friend used my mobile in Jan to take multiple loans via loan apps without telling me. Total ~5L. He stopped repaying; the burden came on me. I’ve taken a personal loan to manage some of it, but I’m now stuck paying EMIs higher than my monthly salary.
Every loan is on me. Every loan app guy calls me only. Only proofs that I have is, the transactions he made after the loan disbursal amount. The whatsapp chats I had with him, requesting to repay the loans. Only one or two call recordings I have with him asking for the money.
I’m also getting mentally and professionally impacted. Manager notices my performance drop. I want to legally proceed against this friend.
Any help is deeply appreciated. Please guide — lawyers, debt management help, emotional support, anything.
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PGo to their home with someone elder to you and inform their parents or try to make a call to him using police contacts if you have any. If not go to police station and file a case. Journey will be hard but it is worth, you do not have to pay for someone who cheated you. If he treated you as friend then he wouldn’t have cheated on you.
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MAnd its not just me. He did it to 4 of my close friends and roommates. We are close almost 6 years. But he now betrayed like this. He bets soo much. He lost a lot in bettings. To repay it, he used us as pawns.
We already went to his home after 1 month of no payment. Their parents telling us like, “we gave around 15 lakhs to repay his some of the stupid loans he made. Now we dont have any money. You do whatever you all want to do, currently we are not in a position to pay”.
From that day onwards whenever we asked him for money, he just says “I will give ur money back if my parents give me. I never said I dont give u but I dont know when will I give you”
Just FYI, we both work in same company. different locations. If this can help to proceed with something legally.
I am going through a lot. I literally have paid almost half of his loans already.
Any kind of help is highly appreciated.
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PFirstly You need to identify which companies are behind the apps..are these Indian private companies or Chinese ?. Then use a lawyer to send a legal notice to your friend and then if necessary go to police and ask lawyer to approach civil court for injunction against these loan apps/companies.
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BActually chinese ones are banned since few years, those who took loan from them benefitted but the promoters of those apps lost money for such loans.
Considering the ongoing feud between India, pakistan and china. I suggest if you find any link between developers of the apps with chinese or pakistani nationalite, you take a huge loan and dont pay, just say its chinese backed.
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Several Chinese-linked loan apps were operating in India but have been banned due to concerns over data security, predatory lending practices, and national security.
### 🚫 Ban on Chinese-Linked Loan Apps
In February 2023, India’s Ministry of Electronics and Information Technology (MeitY) initiated the process to ban 94 loan lending apps with Chinese links, citing national security concerns and reports of harassment and extortion by recovery agents associated with these platforms .([The Times of India][1])
### ⚠️ Issues with Loan Apps
These apps were reported to offer small loans with exorbitant interest rates, sometimes up to 3,000% annually. Borrowers who failed to repay were allegedly subjected to abusive tactics, including threats, blackmail, and the sharing of morphed images, leading to severe distress and, in some tragic cases, suicides .([The Times of India][1])
### ✅ Clarification on Indian Platforms
Notably, some Indian fintech platforms like LazyPay and Kissht were temporarily affected by the ban. These platforms were later cleared after providing documentation proving their ownership structures and regulatory compliance, confirming that they did not have Chinese affiliations .([Enterprise Technology News and Analysis][2], [The Economic Times][3])
### 🛡️ Ongoing Scrutiny
The Indian government continues to monitor digital lending platforms to ensure compliance with regulatory standards and to protect consumers from exploitative practices. While Chinese-linked loan apps have been banned, the focus remains on ensuring that all lending platforms operate transparently and ethically.
If you’re considering using a loan app in India, it’s advisable to:
* **Verify Regulatory Compliance**: Ensure the app is registered with the Reserve Bank of India (RBI) or is a recognized Non-Banking Financial Company (NBFC).
* **Check for Transparent Terms**: Be wary of apps that do not clearly disclose interest rates, fees, and repayment terms.
* **Read User Reviews**: Look for feedback from other users to gauge the app’s credibility and customer service.
* **Avoid Sharing Sensitive Information**: Do not provide personal contacts or sensitive data unless you are certain of the app’s legitimacy.
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A1. Why even give your phone to him?
2. Why not complain in a local police station for cheating?
3. Why are you repaying his debt?
4. How did he manage to get past the loan approval process? They normally ask for photo or an e sign. They also include a NACH mandate. How did he manage to get the mandate signed?-
MDefinitely there are some of the mistakes I made here. To answer to your questions.
1. He’s one of our closes friends. We share our mobile phones like we own each others.
2. We regret this is a mistake we did. As he’s assuring us he will pay back. We blindly believed. Now, we feel like things are our of hands.
3. For the first month EMIs, I didn’t even pay for the 20days of overdue. I was telling every loan guy. Its not me who used ur loan amount. They didn’t care. I had to pay.
4. This is worst part of my life. He installs every loan available on plays tore. He has already taken all the personal details he needed from me, I just gave him becoz i didn’t knew what he’s up to. For the photo or selfie, i will be busy in my office teams calls, he just comes to us and asks for a selfie and goes.
I all happened only for one silly reason. He is one of closest friends.
I did some of the stupid mistakes. But how can he just do that to me. And its not just me. He did just like this to 4 more friends all within 15 days period.
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MHe has taken 2 lakhs loan from Finnable in Feb 2024. He has been paying dues on time till Dec 2024.
But then in the 1st week of Jan 2025. He has taken loans from
KreditBee – 45k
MoneyView – 40k
Jupiter – 75k
Credit Card – 30k
Finnable: 1.80 lakhs ( Even though so far he paid 80k, total amount still left to be paid closes to this)-
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II think the best course of action would be to inform the lenders that the loan was taken out through impersonation.
If your friend used your documents without your consent, this qualifies as fraud. The lenders likely wouldn’t have approved the loan if they had known it was actually him applying.
You should consider having a serious conversation with your friend by letting him know that if he doesn’t repay the loan, you’ll have no choice but to file a police report (FIR). Impersonation is a criminal offense, and Section 319 of the BNS Act specifically addresses it.
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MMy question for you is what are your assets and what are his assets? If he ain’t got shit, it’ll be hard to recover money per se, maybe there is some procedure to get the loan transferred to him that I don’t know
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Mhe’s an software employee just like me in the same organisation. he earns double the salary i earn monthly. but for sure, he’s not a lost poor kid. and as all of these loans are all on my name, no way these loans apps help me transfer them on to him.
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YChup chap 420ka parcha karwaa uske khilaaf aur apne doston ko bhi bol..aur sab dost milkr police ko ₹20000 dena…aur police ko kehna iski gaand lal krdo …subha Tak uske parents aur woh khud tumhare pichhe bhaagenge loan bharne ke liye…aur kahege plz beta case waapis lelo..hum ghar zewar bechkr b loan chukayege aapka…this works..my father tried this when someone did some money fraud with him in a property matter ..then the person came into senses within 1days..and paid money back and my father took the case back 🫠
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PBro, it’s very clear you are hiding stuff.
You said that he took your selfie, did esign and everything and you weren’t even aware that he is taking loans on your behalf ?
It seems that he coerced you into taking loans for him and you transferred the amount willingly to him trusting that he would payback, but since he is not doing that now ,
you cooked up this story he took loans without consent.
Even if he got approval by committing fraud, how did he transfer the money from your account to his without OTP and your consent ?
That’s simply not possible. If you want advice from people here, share the actual story and not some cooked up story.
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O>he took your selfie
Maybe the friend used an existing photo in his gallery
>did esign and everything
If the friend has access to phone, he has access to OTPs
I am not denying OP acted very callously to give such access of his phone to his friend. But it is very much possible he trusted his friend too much to not do such things.
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PNo, it’s not possible .
How can someone take so many loans and OP wasn’t checking his messages of loan disbursal or email where the loan details come ?
Even if loan was taken without his consent , the money would be gone to his account only,
how did his friend know all his net banking passwords , then added the beneficiary and then waited for activation and transferred money.
All this is not possible without OTP
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PHis answers were not believable , if he was right he would have replied to this comment but my assertion is right that this is a cooked up story and he have the money willingly
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OTBH, my assertion is the same. But personal experiences have taught me that people’s stupidity has no limit.
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ONAL
Legally, there are two transactions.
1. You took a loan from the NBFCs. You are responsible to pay those back.
2. You loaned those money to your friend. NBFCs are not bothered about this part. Once you have taken a personal loan, the end use is of no concern to the lenders.
Whether your friend pays you back or not, you are still responsible to pay back those loans.
This is my advice to you:
1. Talk to your salary bank. Take a consolidated personal loan to pay off and close all the NBFC loans. Usually NBFCs have higher interest rates. So a consolidated bank loan should result in a lower, manageable EMI for you. Same goes for credit card loans.
2. If such a loan is not possible for you, focus on paying the minimum amount to all loans and then put as much as you can towards the loan with the highest interest rate.
3. A combination of the two. Take a bank loan and pay off the highest interest loans. Then follow step 2.
Don’t leave the loans unpaid, in future it will create problems for you. Also, the more you don’t pay the loan, the more they add penalties and fees and your liabilities go higher.
As for taking action against your friend, file a cheating case with all the proofs you have listed. Also, file a civil claim against your friend separately under the Small Cause Courts Act of your state.
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LIt’s heartbreaking when trust is broken like that, especially when it affects your finances and mental health so deeply. You’ve shown strength by managing what you can and reaching out for help. Please don’t carry this alone—talk to a lawyer, consider financial counseling, and lean on people who genuinely care. You deserve support, not silence.
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