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Narendra   18 April 2018

Advise for Money recovery

Sir, I saw a advertisement in local news paper of Rajasthan for requiring money for his running business expansion in which he assured public to invest Rs.3 Lakh in his business and in return he would give a dividend of Rs.12000/-per month till the invested principal amount in the business. In June 2017, he made an agreement for a period of 5 years on duly notorised Stamp paper of Rs.500/- in favor of me in which all terms and conditions was clearly mentioned that I am giving the amount by crossed cheque of cheque number and he also gave a advance crossed cheque (without date) of Rs.3 lakhs and also in return he would have to deposit Rs.12000/- per month as dividend in my mentioned bank account , if he failed to deposit, he would have to deposit with 6% interest next by a particular date , if he failed to deposit the dividend continually 3 months then I would be free to use given advance cheque to collect my principal amount. The problem began after 7 months from the agreement when he stopped to deposit the dividend amount , when contecting he got pretending about slum in business and assured me to deposit the remaining and on going amount as early as possible but all efforts go in vain ? Please suggest what action I should have to taken against him to punish and recovery , he have cheated many people also by these types of advertisements whether I should lodge a FIR( please also mentioned sections of law )or go to court in N.I.Act or any other sections of law or both . Regards, Narendra Sharma


 7 Replies

Asgher Mahdi (Advocate & Legal Advisor)     18 April 2018

It is need to check the entire agreement that entered between you and the said fiance partner thereafter proper reply may be given. Infact, under the said agreement that entered any clause is mentioned that the premium/interest that were assured may be given only when it get profited? If that being the case, then the opposite party may rise that cluase for its non-payment or delayed payment. Your entire matter rest on your agreement that entered. If you enclosed the copy of the agreement the remedy may be given.

Narendra   18 April 2018

Thanks Mr.Asgher Mahdi for quick reply. I wanted to enclosed the agreement copy but the problem is this facility is not available on this plateform .

Narendra   18 April 2018

Thanks Mr.Asgher Mahdi for quick reply. I wanted to enclosed the agreement copy but the problem is this facility is not available on this plateform .

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     18 April 2018

You can inform to the party in writing and give sufficient time for recovery of your so called dividend and deposit the advanced cheque which was you received from the party. If the cheque is dishonoured file a cheque bounced case. 

Narendra   18 April 2018

Thanks Mr.Rama chary

Asgher Mahdi (Advocate & Legal Advisor)     19 April 2018

Not an issue, but see that at any point of where in the agreement its mentioned that in the event of company being in loss they may constraint your agreed benifit? If not, you may proceed and file a case under breach of contract / cheating.

Narendra   19 April 2018

Thanks again Mr.Asgher Mahdi for your valuable advise, the point mentioned by you regarding loss in any case is not in our agreement . If you don't mind please suggest is it a case of police or suit a case in court and in which sections of Cr.P.C.

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