The Economic Times News

How a Rs 1.75 crore loan turned into Rs 147 crore debt and cost a family its own Rs 14 crore home

A Singapore man borrowed S$250,000. High interest rates caused the debt to surge to S$21 million. He sold his home to the lender's director and rented it back. The High Court has ordered a retrial to investigate the loan and rental agreements for potential illegality. This case highlights concerns about usurious lending practices.