Couple wins suit against claim investments were illegal loans

Owner of investment firm argued he need not pay back $6.21m owed

When the owner of an investment company failed to deliver the high returns he had promised to investors, he claimed the monies he had received were in fact loans.

And since they were illegal under the Moneylenders Act, Mr K. Kalaivanan (Kalai), the sole director of Right Angle Investment Holdings, said he did not have to pay back the sums owed.

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A version of this article appeared in the print edition of The Straits Times on March 14, 2018, with the headline 'Couple wins suit against claim investments were illegal loans'. Subscribe