I have given Rs.2 lakhs to my friend as handloan on 15 Dec, 2012. till now he has (deposited)given Rs.40000/- by cash into my account. as the time he has given promisory note, 2 blank cheques and emply 100 bond paper.
Now he is not returning my money i went to his house and all meeting etc., nothing happend, all trial are wasted to collecting the money.
He took the money for purchasing the apartment in hyderabad. he is short of 2 lakhs, at the time he has bakery and his wife jobless. Now the situation is now he dont not have bakery business her wife got teacher post. (govt). at the time he has purchased a flat and got government teacher job for his wife. my friend got register the flat on her wife name, wife saying i don't know his debt she says I am not responsible for his debts. she telling us that she has purchased the flat with his mother money and says she has all the proofs but husband is also supporting her to escape from debtors. but actually my friend barrowed 14 lakhs from different person. And gave them blank cheques and promisory notes, now the situation is..
No one is ready to ask him the money because friend wife and her mother 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 willing transffered all his property 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 what ever he has.
