I had taken a loan of 8 lakh from someone. This was taken in 4 parts. He gave me loan at the rate of 3% percent per month.
Against this amount he took blank cheque and signed stamp papers from me. This happenned in 2007 to 2008.
Now he is asking for 8% interest according to which I have to pay almost 50 lakhs for Rs.8 lakhs.
I have stopped payment for the 10 cheque I gave him. What to do about the stamps.
I am ready to give him money with 3% interest. Now I have come to know that this guy had already done this with many people and they have sold even their houses to pay him.
How can I protect my self. Can I give complaint to the police or court.
Pls guide me.