My legal options to recover the money i lent to a friend

software professional

I lent my friend Rs. 5 lakhs 2.5 years back with a promise he will be returning the full money (no interest expected or talked about) in 1.5 years. Since he failed to pay back after 2 years, he gave me a lapsed LIC bond and asked me to wait for 6 more months to get 2.8 lakh rupess from the Bond. Now I spoke to LIC Manager and he said the money back from bond would be 1.98 lakhs and that too will be maturing after one more year. Now when I spoke to my friend his tone is changed and is not willing to talk about returning my money. What are my options legally to recover money.

What all I have is falling

1. My bank transaction statement to one of my relatives who handed over money to this friend

2. whatsapp discussion on his false promises to wait for 3 months up until 2.5 years now

3. LIC bond (on maturity the money goes to his account. so ideally the bond has no value I believe)

 

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Raj

 
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Advocate

get issued legal notice and file suit for recovery.
 
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what precautions you have taken from his side to prove that what debt he had owed from you is legal one such as agreement
 
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either criminal or civil remedies are available
 
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Retired employee.

Contact a local advocate immediately as there is limitation period and several facts as recorded in documents are necessary.   

 
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Lawyer in Hyderabad.Email:ramachary64@gmail.com

Legal notice is a must before filing a money recovery suit.

 
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CEO

You have a very short time left to proceed legally, as a month' s notice is mandatory before you can file a case, don't while away precious time, immediately contact a practicing advocate and commence legal proceedings if at all you wish to collect your dues.
 
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Advocate

Notice can be for 7 days or for 15 days.in property matters only one month notice is necessary but in recovery matters it is not necessary.
 
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software professional

Thank you all for your valuable pointers. I am talking to my advocate to start legal procedure starting with serving him a notice. 

 
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U issue legal notice.if he accepts it will be considered as acknowledgement of debt &it will become valid document .if he refuses u haveto search for supportive documents.
 
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