My fathers friend has cheated us.
Querist :
Anonymous
(Querist) 30 October 2011
This query is : Resolved
Dear Sir/ Madam,
I belong to a lower middle class family. My father has taken V.R.S in the year 2004(Mar).
In the year 2009(Sept-Nov), my father went to his native place to spend some time there. During this period My father's childhood friend contacted him.
He said to my father that he has good experience in stock market, but he has no money to do the business. He asked my father to invest some money with him.
Relying upon his words my father deposited
Rs 100000 with him.He gave 2 options of repayment:
(i) Monthly RS 8,333 for a period of 12 months and Rs 1,00,000 at the end of 12th month.
(ii) Total lumpsum payment of 2,00,000 at the end of 12th month and no monthly repayment.
Depending on the condition of our house my father opted for option(i) i.e monthly payment.
As per the agreement he initially paid Rs 8,333 for a period of 3 months correctly.
At the begining of the 4th month my father has invested a fresh amount of Rs 2,00,000 with him. As soon as he got this 2,00,000 Rs he completely stopped repayment as per the terms of the agreement.
Please advice me, what to do in this case..
Nadeem Qureshi
(Expert) 30 October 2011
any written agreement executed between your father and him or not if yes then whats terms and condition
prabhakar singh
(Expert) 30 October 2011
yes!please revert back with answer whether agreement was oral or in writing and also that in what mode the amounts were paid ,in cash or by cheque or demand draft,and also whether he issued any receipt of amount received and also that in what mode he paid the three installments by cash/cheque or demand drafts and respective dates of agreement and all transactions?????????
Sailesh Kumar Shah
(Expert) 31 October 2011
is your father invested in mutual fund or insurance?
Shonee Kapoor
(Expert) 01 November 2011
Also, if there is a written agreement, then it would be as loan.
If the agreement mentions about investments in Stocks/ Mutual Fund, there would be a condition, that returns depend upon market performance.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Querist :
Anonymous
(Querist) 07 November 2011
Agreement is in written. and the amount invested via Electronic Fund Transfer(E.F.T). similarly the repayment made by him for first three mnths was also via E.F.T..
prabhakar singh
(Expert) 07 November 2011
answer the following::
What is the date of agreement?
The dates on which your father transferred funds with respective amount??
The dates on which he made repayments with amount???
