Cheating

Y Hemanth (Querist) 27 May 2016 This query is : Resolved
Sir,My colleague took 2L from me , i took signature on Rs 10/- paper, witness also signed by wife & another friend. He is not paying agreed interest of Rs.4000/- Per month Nor returning the original amount of 2L. The document agreement is for 2 years & only 9 months left. Can i proceed legally. He is salaried 35K per month , having money also he is not paying back my money.

Kindly let me know.

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SAINATH DEVALLA (Expert) 27 May 2016
U have not mentioned whether he has given U cheques for the same?Ustill have time to proceed legally if he fails to repay,but in the meantime settle the matter with him amicably and see that U get back UR money.Involve common friends or elders to mediate.

Rajendra K Goyal (Expert) 27 May 2016
Legal procedure is lengthy, time and cost consuming. Discuss with local lawyer, show him the document.

If he is not having property, even if you obtain decree, you may not be able to recover.

Dr J C Vashista (Expert) 28 May 2016
The agreement on a stamp paper of Rs. 10/- has no evidently value. Forget it.
The amount of 2L was given as charity by you to a friend.

Sudhir Kumar, Advocate (Expert) 28 May 2016
Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.

Such loan is taken by a person:-

(i) Who lacks business sence and cannot raise funds out of his own business and suddenly wants to be rich.

(ii) who cannot raise bank loan because :-

Either
he himself is not creditworthy

Or
the purpose for which he seeks loan is illegal

or
the purpose for which he seeks loan is not at all commercially viable.

(iii) Who knows he can afford not to refund.
(iv) Who trusts his thick skin
(v) Who intends not to refund
(vi) Who has made fortification against action of refund.

So he has to find someone who can part with his money. SO he finds a lender near him (fiend or relative)

Such loans are given by the persons :-

(i) Who has surplus money.
(ii) Who displays and boasts of such surplus money.
(iii) Who stupidly believe that there will be a refund.
(iv) Fails to realise as to why he alone (not bank) is being contacted for loan.
(v) Who has extreme trust on the debor
(vi) who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.

Business started by such money (easy money belonging to other) invariably fails.

Such loans always sink and not refunded.