sr 13 December 2015

Cheating case u/s ipc 406, 420 rw 38,506(i)

am a business from chennai dealing with stock market..during the 2008 stock market crash i had incurred heavy loss due to which i was not able to pay back my clients.. i had taken money from public based on a MOU, i was reguraly paying them the monthly interest as agreed upon, after the crisis i was unbale to pay and they filed police complaint and fir was registered with ipc 406,420 rw 38,506(i). my brother who is no way party to this MOU has also been arrestted with me. after 106 days bail was granted and now trial has resumed in magistrate court.. there was an mou and i had taken some amount and i was paying regular profits to them, due to loss i was not able to pay,so how does cheating arise when it is matter of business dispute..police did not do any investigation as they were not interested in the matter, they jus did the formalities,, the compainant has got a high court order for speed disposal, that a magistrate should close the case in 6months,but they were not able to mark the orginal mou as it was struck with some advocate and matter was given date by date and one year has passed.. now they got the document and got one more high court order to dispose the matter in 3 months. the advocate who was represinting us did not do much then taking dates, so far he did nothing to defend our case, even he has not read the chargesheet properly...now am changing the advocate . i need a expert advice from eminent lawyers of this forum, my queries : 1.Based on Mou , can they file a chargesheet? one of the investigating officer told they they cant file chargesheet.. 2.what is the remedy available for me to defend the matter, as the MOU has got a Arbitation clause to solve any disputes, which was not explored at all .? 3.my brother is not a party to this matter at all, he has not signed any documents other than witness in one or two mou's, how do i relieve him ? 4.matter is posted for next week for cross examiantion of the complainant, his mother and dad, compalinant currently in USA, so they want to complete it in one day,whereas my advocate is jus studying the case,in such case how to delay the matter..? 5.can i go for discharge pettition for my brother at this stage ? many people telling many things but i dont have clarity how to delay this matter and defend my case.. please suggest me the best solution, am suffering alot because of the cases, i cant afford to keep changing advocates trying one after the other.. thanks in advance

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2 Replies

(Guest)

The stock marketafter 2008-2009 crash rapidly recoverd and has touched all time high in 2014.So how did you sustain losses?Did you do gambling in futures and options or intraday trade? You were not supposed to risk investors money in speculative trades and should have invested money. if you had invested in 2008-2009 rates, you would have tripled the investment.

You have also not mentioned from whom you took money and what was MOU? This is odd contract

Unless details are availbale not much can be said about your issue

If high court has not once but twice directed for speedy trial , they must have seen some prima facie in it.

The issue is not simple as you make it. If it was pure business and by bad luck ,how high court ordered speedy trial. Why you did not go for quashing of FIR?

(Guest)

Readyness of your lawyer is not an excue to postpone trial. Courts have all the right to do day to day hearing. specially when witness is non resdient.There arecases in which rape case convcitions have bene done in 5-7 days.In fact law is for day to day trialonylwhen a case starts.Indians courts hardly follow it. Take up with your avcoate as to ehy he is not preparing and attending court.this is un professional.