Invested money..he is not paying now


I invested money to a person who is my friend. he gave me a guaranteed return also provide me post dated cheques as gaurantee but now not paying and not answering properly.. waiting since January 2021.

What should I do? Check return case? Fraud case?
 
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Advocate

You have his duly signed blank cheque with you, hence you may fill the date and amount due to you in the cheque and present it to your bank account for cash.

If the cheque is dishonored, you may issue a legal demand notice followed by a cheque bounce case under section 138 NI act if he is not complying with the demands made in your legal notice for repayment of loan amount


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yes amount is filled but date is not added..he is saying that there will be no difference if I will go legal.. it will give him more time. how much time such process takes?
 
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ADVOCATE

After mentioning the date, you have to present those cheques to your banker.  If got dishonoured, send a legal demand notice towards his legal liability for the said amount.  Subsequently,  filed a case in the concerned court of law under section 138 Negotiable Instrument Act 1881 or Under Order XXXVII of CPC as recovery suit. 


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Is there any loopholes for him? He might try something to avoid payment?

Let me add some more information, me and my brother, totally invested 18lacs with him. He promised monthly gauranteed return..wih monthly profit and then my investment back when I need. As a security he gave checks. He paid me some money for a year or so but I invested back with him. I started with 4 lacs and last it become 15 lacs withe help of profit and my new investment

 

Possibly can he show that profit as payment he paid?

 

 

 
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Lawyer

@ Web Administrar,

Well advised by experts, I agree.

You have option to present the cheque(s) and proceed in civil case for recovery as well as criminal complaint for dishonour of cheques.

Besides this, you should also file a police complaint of cheating and fraud committed upon you.

It would be appropriate to consult and engage a local prudent lawyer for appreciation of facts / documents, professional advise and necessary proceeding. 

 

 
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Retired employee.

I have my own doubts about the transaction.  The amount was stated as investment and not lent.  Those who are not well versed with share transactions ask a friend or relative whom they believe have vast knowledge, may provide few lakhs to that purported expert for investment.  Sometimes those may not even ask the friend to invest the name of the original investor, for several reasons like IT, ill-gotten money, accounting problems.  Investment is always risky and no one can assure returns for that amount invested.

When it is an investment, the chances of proceeding against a friend stating that the amount was lent and he has given a cheque is not that easy to establish.


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Originally posted by : G.L.N. Prasad
I have my own doubts about the transaction.  The amount was stated as investment and not lent.  Those who are not well versed with share transactions ask a friend or relative whom they believe have vast knowledge, may provide few lakhs to that purported expert for investment.  Sometimes those may not even ask the friend to invest the name of the original investor, for several reasons like IT, ill-gotten money, accounting problems.  Investment is always risky and no one can assure returns for that amount invested.

When it is an investment, the chances of proceeding against a friend stating that the amount was lent and he has given a cheque is not that easy to establish.

Impressive thinking, Let me give you more information,

 

It is indeed investment. I have proof in what's app chat and also his facebook post where he mentioned offer. I have communication with him where we talked about offer and return. He also wrote that I received it investment funds.

 

Will this help?

 
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Advocate

Based on your statement  he is your friend and he had repay some amount by way of business profit. therefore you could wait some more day particularly all business are down due to pandemic situation.


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Originally posted by : Sankaranarayanan

Based on your statement  he is your friend and he had repay some amount by way of business profit. therefore you could wait some more day particularly all business are down due to pandemic situation.

 

Thanks for your reply. That was the plan.  I waited since January 2021. Almost 6 months.   I am just preparing myself for what to do if I have to file the case.  The main problem is that he never told me what happened, where he invested really. Just one answer, I will pay.  No approx time, what happened. What he will do to get money.. etc.  No proper answers. Let's see.  What others have opinions about this matter. 

 

 
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