Lent money recovery

[Coolguy794]

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Coolguy794
PARTICIPANT
March 26, 2025 at 5:48 am

My mum had lent 5L with 1% monthly interest to one of our family friends back in 2017, we started asking them return us the money for my sister’s marriage expenses and now they are not responding to my mom and his says that his father is missing. I am planning to go the town and talk to them and speak to them in a polite way. What action should I take it I don’t get any proper response. Please advice

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[Supernutan714]

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Supernutan714
PARTICIPANT
March 26, 2025 at 5:52 am

the moment you will try to take a legal action your mother and you will land in legal trouble. Individuals in India aren’t allowed to lend money on interest basis. There are laws against this.

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[Coolguy794]

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Coolguy794
OP
March 26, 2025 at 5:56 am

I was young at that time nor I had any knowledge about it. This happened among their understanding and trust. is there any way we can recover the money? What would happen if we reach out to the police?

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[Supernutan714]

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Supernutan714
PARTICIPANT
March 26, 2025 at 6:12 am

>if we reach out to the police?

you will get in legal trouble.

>I was young at that time nor I had any knowledge about it.

Not sure why you mentioned this.

>any way we can recover the money?

Asking them politely. Keep asking them. Without harassment.

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[Desihero8292]

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Desihero8292
PARTICIPANT
March 26, 2025 at 6:15 am

Maybe you can get there undertaking on stamp paper and / or a cheque if they are willing to give. I don’t think it is legal for individuals to give loans on interest so a civil recovery suit for borrowed amounts seems to be the best bet.

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[Mightyhero2209]

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Mightyhero2209
PARTICIPANT
March 26, 2025 at 7:36 am

If nothing else works, you can tell them you are considering transferring the recovery to debt-collectors who will stop at nothing.

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[Ramyaseeker803]

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Ramyaseeker803
PARTICIPANT
March 26, 2025 at 7:48 am

Do you have any evidence of lending?

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[Coolguy794]

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Coolguy794
OP
March 26, 2025 at 11:46 am

Unfortunately, it was handed over cash

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[Swarapanther562]

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Swarapanther562
PARTICIPANT
March 26, 2025 at 1:19 pm

The other poster is correct. Your mom engaged in an illegal money lending operation, functioning as an individual money lender without a license or approval. You can ask politely for some returns but she cannot charge interest. Since you do not have any records and this was between individuals, you will likely not get the money back. Please do not engage goons as that will get you in further trouble. It is an expensive lesson and it is valuable in that aspect.

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