i am a stock broker and i maintain dmat accounts of clients.below is my query.
i trade my clients accounts and give them 5% returns every month.from 2 years
i dint have any problem.but recently i faced huge losses and almost all of them
are 90% loss. i dint have any agreement in written with any of my clients with the above said 5% returns.i convinced all the clients and took some time for the recovery all accepted with me. But one client forced who had invested 5 lakhs with 4.5 lakh loss in his dmat account took 10 lakhs cheque from me and 2 promisery notes signed by me, he snached my car, and took some written on normal paper saying that i will pay the amount in 2 months. now he is tretning me that he will book case on me if i dont give 1 lakh for every 15 days til the due is fininshed. i am in debt and i cant pay that much amount in this short time. As he is tretning me with the cheque i had stopped that cheque number.can he file a case against me if the cheque is not bounced as it has stopped by me. he dint gave any monry to my hand, all the amount was in his dmat account.in jan 2012 his account was in a loss of 3 lak, i transfered 3 lakhs to his saving.now he is torchering me.My family is at risk as i am facing financial crisis.
My question is if there is any loss in dmat account of customers own account. is the stock broker responsible for the loss occured in his account.
i have a proof of transfering 3 lakhs to customers account online through NIFT.
can i recover that ammount from him.