This is a case of cheque bounce case with intention to cheat. A & B are Indian by birth.
A..holding Indian passport and working in middle east
B .. Holding British passport with NRE account.
A&B both entered into a MOU stating A will extend financial help to B for supply of Chemicals to an Indian Company with certain conditions as per global tender conditions. A helped B with 10 millions for PBG as requested by B. In lieu of that he took PDC from B. B has failed to perform as per tender conditions and therefore he had lost the tender. The sum he took from A was not returned even after persistent follow-up.The PDC was deposited in Mumbai and bounced back for lack of fund and signature variance as B had his Bank ( NRE a/c) in Mumbai. What is the remedy available to recover the sum advanced to B.?
V.NARASIMHAN,Adv.,