Money recovery without informal document

Harsh Patel (Querist) 07 January 2012 This query is : Resolved
During 2007, some of my college friends pooled money together and gave it to another friend of theirs for investing in stock market. There was no formal agreement drawn but a number of emails were exchanged in which the friend who invested money promised to return the money. But he has not kept his promise and not even returning phone calls/emails. Are there any recovery options against him? This happened in Nasik,Maharashtra.

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Chanchal Nag Chowdhury (Expert) 07 January 2012
Depending on the date & contents of the e-mails, U may proceed u/s 420 IPC as well as a money suit. The dates & contents of the e-mails will show whether your claim is barred by limitation or not.

Deepak Nair (Expert) 07 January 2012
First of all you shall send a notice demanding the money given to your friend. Wait for the reply.
You can initial both civil and criminal actions as advised above by expert Chaudhary.

In both the cases, you have to send a notice demanding the money due to you.

ajay sethi (Expert) 07 January 2012
he must have lost all the money in crash of 2008 . is he in sound finacial position .? if money involved is substantial then proceed with advise of Mr deepak Nair

Rajeev Kumar (Expert) 07 January 2012
Our ld. Experts have rightly advised

Raj Kumar Makkad (Expert) 07 January 2012
Matter is not loss in the hands of friend rather he is not picking phone calls and not attending the friends who blindly believed upon him and handed him over their valuable earnings.

You have no other option but serve him through a legal notice and then file a civil suit. It shall also be better to file a criminal case under section 420 IPC for making pressure upon him.

M/s. Y-not legal services (Expert) 07 January 2012
yes., first issue a legal notice to your friend for collect your money back.,

if there is no response mean then go for legal proceedings., there also my advise to you dont go for police complaint., just file a private complaint.

-tom-

Harsh Patel (Querist) 08 January 2012
Thanks for all the replies. These are very helpful. I have informed my friends to collect all the relevant documents.
Although he claims not to be in sound financial position, he has significant real estate holdings and his father is partner in a L&T cement dealership which must be having turnover in crores.
The amount to be recovered is 6 lakhs. To recover such a sum, would the legal expenses be justifiable?
Also can I get recommendations for a lawyer in Nasik for this legal work?

DEFENSE ADVOCATE.-firmaction@g (Expert) 08 January 2012
North Maharashtra including Mumbai has flood of such frauds but little hope for recovery.

Currently EMU, EMAIL FRAUDS AND HIGH INTEREST ACCUSED are facing the criminal music.