Money not refunding

Suraj Kumar (Querist) 02 June 2022 This query is : Resolved
I have given Rs 15 lach through account transfer & Rs 5 lack to XXX in good faith for his business upon verbal promise that he will refund the amount within six month with interest.

Now l am urgently need the money. XXX refused to refund any amount to me.

Can I complain U/S 406 &420 IPC to recover the amount with interest ?

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If a friend has failed to repay a loan as promised, criminal charges under Sections 406 and 420 of the Indian Penal Code may not be applicable. Instead, the recommended course of action is to first send a formal legal notice demanding the repayment of the loan amount along with interest. If the notice is not complied with, you should then consider filing a civil suit in court to recover the outstanding sum.

Advocate Bhartesh goyal (Expert) 02 June 2022
As per your query no offence of sec 406 and 420 of IPC is made out, better issue legal notice anf demand loan amount with interest if notice is not complied with then file suit for ecovery of due amount with interest.

SHIRISH PAWAR, 7738990900 (Expert) 02 June 2022
Hello,

Yes, you have to file recovery suit against your friend. Send him legal notice and file suit in civil court.

kavksatyanarayana (Expert) 02 June 2022
I agree with the advice of Mr.Bhartesh goyal ji.

Dr J C Vashista (Expert) 04 June 2022
Well analysed, opined and advised by experts, I concur and appreciate.

The facts do not attract provisions of Section 406 / 420 of Indian Penal Code, 1860 hence no criminal case can be made out in given circumstances.

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