Regarding money recovery act
Querist :
Anonymous
(Querist) 14 July 2021
This query is : Resolved
Hi Sir,
I made online transfer of money from my bank account to someone's bank account. I have the transaction statement and with a sign and seal of bank. That person did not returned my money.
Can I approach to file money recovery act for that money ? I don't have promissory note for that...
Is bank account statement enough to file money recovery act ?
Can some one guide me . please.
Advocate Bhartesh goyal
(Expert) 14 July 2021
Online money transfer by you to someone's bank account is valid transfer and statement of account is cogent proof of money transfer and enough to file money recovery suit any other proof is not required.
Querist :
Anonymous
(Querist) 14 July 2021
Bhartesh Goyal Sir,
thanks for your reply.
1) with this money recovery act, with bank account statement can that person be jailed .? means courts will give that kind of judgement.
2) same for cheque bounce case. if bank account statement proof is there, can the accused be jailed ? that kind of provision is there in law ?
K Rajasekharan
(Expert) 14 July 2021
It is true that the record of online bank transfer of money to him is a proof of the fact that you paid the amount to him. The record is something equivalent to a receipt only.
If it is an unintended money transfer made by you by mistake or over sight, you can definitely get it back by invoking a provision of law of contract. In this case there is a binding unwritten contract.
But if it was an intended transfer made by you by your own volition, you may not be able to recover it from the other person unless there is some legal provision or document like a promissory note or cheque that binds him to pay it back.
In this case, there is no contract, between you and your friend, which imposes him an obligation to pay you back the money.
You need a promissory note, cheque or an agreement specifying the details to get the money back.
It seems, you may not be able to succeed in a money recovery case, with a receipt or record of money transfer, alone.
Dr J C Vashista
(Expert) 15 July 2021
@ Anonymous,
Very well analysed, opined and obliged by experts on the basis of certain presumptions, which I concur and appreciate, but you have concealed your identity as well as relevant facts.
Who is the "someone" (your relationship) where you have stated to have transferred the money ?
What is the purpose / transaction against which you have stated to have transferred the amount ?
Why / what is the reason for recovery of the amount stated to have been transferred?
Your query is regarding recovery of money stated to have been transferred or get him behind the bars (jailed) ?
Prima facie a hypothetical and time pass topic for debate.
Querist :
Anonymous
(Querist) 15 July 2021
Rajasekharan Sir, Vashista Sir,
1) the other person is my friend. i have done online transfer to him for 5 lakhs. i have bank account statement. whereas I dont have promisory note of the same 5 lakhs. WHEREAS I AM GIVEN A CHEQUE OF 2 LAKHS WHICH WHEN SUBMITTED IN BANK GOT BOUNCED. WILL BE FILING CASE FOR THAT.
2) now i would like to know how can I get the remaining 3 lakhs.... because cheque is issued for 2 lakhs only...NOW CAN I APPROACH FOR MONEY RECOVERY ACT FOR THE REMAINING 3 LAKHS ?
3) WHY i raised for jailing is, that person cheated me. even after me calling number of times he is not lifting phone. I want to teach him a lesson. even that cheque he gave me after repeated remainders.
4) Please dont get me wrong . "concealed your identity"... as checkbox is available I have selected it.
P. Venu
(Expert) 16 July 2021
Yes, you can move under the provisions of the Negotiable Instrument Act for the amount involved in the cheque that has been dishonoured.
As regards to the transaction through the Bank was there any oral agreement prior to the transfer? What were the terms of the said agreement?
Querist :
Anonymous
(Querist) 16 July 2021
P.Venu Sir,
oral agreement is, that the person who took my money will return with 2% interest....he did not honor...and stopped attending phone calls too...
P. Venu
(Expert) 16 July 2021
To my understanding, a recovery suit lies in the instant case. The facts of the oral agreement could be pleaded orally and proved. However, if the interest rate 2% (per month) , even if agreed mutually, could turn out to be unlawful if an enactment prohibiting usurious rate of interest is in force in your State.
