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JMy friend’s uncle borrowed 50k Rs from his relative after doing court paper document.
It was mentioned in document that he would pay 2000 Rs every month. And gave some blank cheques at the beginning.
He paid for some months but couldn’t pay since the last 4 months.
Lender put 3,00,000 Rs on cheque and tried to cashout. Cheque bounced.
What will be the repercussions and for whom? How to proceed?
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DHi. I’m a lawyer here. Lender might initiate Sec 138 proceedings after sending the notice, but he’ll gradually have to prove that he had lent INR 3L, which he may not be able to.
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JRs 2000 unpaid for 4 months = Rs 8000.
Principal amt = 50k.
Lender tried to get 3L which is around 6 times the principal amount.
Doesn’t this come under fraud?
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DYou’re right. It might. When the lender sends you a notice to honour the cheque that bounced, send a reply notice. Specifically mention therein, with reference to documents that can prove the loan amount was 50k, that this amounts to extortion, cheating etc. Thereafter try settlng at the amount originally owed.
Don’t hesitate to reach out and send a personal message if you need any further assistance. -
DIt does. But that’s another aspect of it. Whenever we hand over a blank cheque to someone, we run the risk of being defrauded and thats what’s happened in your case. In case you receive a notice, you’ll have to respond alleging that the pending amount was no more than 8k and how the cheque has been misused.
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