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harsha (Manager)     02 July 2014

Investment returns

Hi Everyone,

 

Thanks in Advance for your valuable replies:

 

One of my friend had a business in data processing in Hyderabad. Few of the investors made some investment of 80k and 25k respectively. But unfortunately he lost his business and there is no any property to returns the investments to the investors. He was completely deceived and now he is working in a small company for 10k salary per month. He is completely failed to return the investment back to the investors. Of course he paid 30k to the second investor who invested 25k for returns of 1lakh. For this person my friend paid 30k. While starting the business he wrote agreement on bond paper that he will pay 1lakh to the person who invested 25k. He paid already 30k but he was not in a situation to pay even a single to this person. Coming the first person who invested 80k till date i failed to return even a rupee. He having only deposit slips which related to the amount which was deposited into my account.

  Now my doubt is what the rights they have, can second person file a complaint on my friend who having bond paper. If he so, then what will be the case cheating or any other case. What about the first person, can he file a case on my friend with the deposit slips. If case filed what  have to do.

Please reply.

Thank you



Learning

 3 Replies

Suneet Gupta (www.vashiadvocates.com)     03 July 2014

Dear Sir,

It appears that you are explaining your problem as your friends, because you revert to the first person in the middle of your query. Please understand that any loan taken from somebody else needs to be repaid and the other person can file a case for recovery of even unsecured loans. It does not matter whether you have signed an bnd paper agreement or not. The value of the agreement is only supportive.

However, I would not like to comment on the feasibility of the recovery process.

harsha (Manager)     03 July 2014

Thanks for your valuable reply Sunnet Sir, Yes i agreed that it is my problem only. I am not saying that i will not pay but at this time i am unable to pay, in this situation if they file a case what i have to do.

Suneet Gupta (www.vashiadvocates.com)     03 July 2014

As of now, I don't think you need to do anything. It will not be easy for the other guy to file any case or take any legal action. If he files a case, you can submit that you are ready to pay him, and ask for some time.


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