Hello All. I was not sure where to post this.  My Friend need some money and since he was not able to take loan he asked me to take a personnal loan on my name and he would pay the EMI for the same. On trust I took a personal Loan of 2Lacs for the term of 60 months EMI  and gave him the money. He deposited the EMI on my account on the 1st or 2nd of every month till a year since EMI deduction from the bank were done from my account.  Now for the past three months he has stopped giving me the money, he has changed his stand and told that he would NOT be paying the remaining amount . He told that I have no proof and I cant do nothing about it. the only proof I have is the exact EMI amout he used to transfer to my bank account every month for a year. Do I stand a chance of getting my money back ?? Please help , I am desperate..

No offence was commited by your friend.You have evidence and the remedy is to file a suit for recovery of money.

You don't stand any chance of getting your money back, rather, on account of your unmistaken blunder of incurring the monetary liability for your friend, you stand a good chance of being proceeded against under the provisions of RDDBFI Act for the recovery of loan.

 Sir Ashish.. Cant I show the exact EMI amout that he used to transfer to my account from his account as a proof ? 

Sir, Cant I show the exact EMI amout that he used to transfer to my account from his account as a proof ? 

You can show it but to no avail as your friend can argue that it was he who in order to help you repay the loan used to transfer the amount of EMI to your account on a monthly basis. Friend in need is a friend indeed is what he may set out to prove, and with indisputable success.

I'm not a lawyer, but had similar case with my friend.

The loan amount was disbursed by the bank, into your account. How did you pay him the amount of the loan? If you have remitted to him via cheque, bank transfer, you may still have a chance to prove it. However, it then depends on how strong your lawyer is.

I have a similar case of cheque bounce.

I paid three cheques amounting A B and C to one person Mr. X to purchase plot .

He did not give the plot but issued cheques amounting A B and C of his wifes bank account .

All the three cheques bounced. Issued necessary notice to the wife throght advocate and filed case in the court for cheque bounce.

Do I stand to win the case and get my monye back with interest? What can be penalty for the defaulter?

The query raised by Annop K has a relvanace and may raise a hope.

By the way you did not realise that your friend is unsound party as he was not getting loan.