I have given handloan of Rs.2 lakhs to my friend he had given me promisory note, 2 blank cheques and empty 100 bond paper on 15 Dec, 2012. till now he has (deposited)given Rs.40000/- in my current account, by cash. He promised to payback with in 4 months, he took it for purchasing the apartment in hyderabad due to to short of 2 lakhs. He used to have small bakery now don't have, his wife got Govt.Teacher job Jan 2013. He has registered this flat on wife name. When we are asking our debts his wifes says "I don't know, dont ask me, she say flat purchased by her monther money they say they have all proofs (all proofs created also they have increased the debt by them self and with the help of close relations). Along with me 15 lakhs looted from others also. with different story.
No one is ready to ask them the money because his wife and aunty (Wifemother) warning all the debtors if they come to their flat for asking money they will put harrassment case against all the debtors.
I have 2 cheques out of that 1 is bounced, my friend is telling me you can do what ever you want like cheque bounce, recovery etc., Because he don't have any property on his name now, he also have 20 guntas land in his village but its on his monther name, he is willingly transffered all his properties (flat,plot) now acting like Bankruptcy.
Please let me know what action have to take now. Also his wife saying she put a expert lawyer for this to protecting the assets.
They are enjoying people money with out any fear in the society.
Please expert suggestions are welcome.
Yours Pradeep Reddy