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Old 14-02-2020, 05:54 AM   #1718
Join Date: Jun 2019
Posts: 305
He won’t be able to get his money back. You must understand. Loansharks are not charitable. Even if report police, he won’t get his money back at all. Best is for him to stop borrowing or paying.

Hi all, really need some advice here. A relative of mine just tried to borrow a big sum of money from an alleged licensed money lender (company is registered) - communication only over whatsapp, with details all sent over.

After that, he was told to transfer a sum of money so as to facilitate release of loan. ~20K total alr done (keeps stacking as according to him, he has already transferred so much and they kept saying it will be the last before release - after each transfer is done, he will be told another sum need to be paid to release the loan)

My relative is oblivious to his situation and has lost ALL his savings (including ones he even borrowed from his elderly mum). He is in despair as this supposed loan is to help him with his current situation - recently had a stroke/debts and has to find a way to support his kid who's only 10. He is self employed and is also facing financial difficulties at work.

Is there any way that can retrieve his money back? He is really very desperate now. I believe a police report will not be able to do much? I'm sorry for the WOT, Any advice or help is very much needed and appreciated.
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