In June, 2011, I gave two cheques of Rs.1 lakh each to one person known to my relative who claimed to give me 8% interest per month for these Rs.2 lakhs. He took cheques in the name of his WIFE. There is no written agreement.
First month, he gave me 8% and next month 4%, and from third month he did not give me more than 1% per month that is also not regular (he deposit cash in my bank a/c). For the last three months he stopped giving any payment showing his inability to give RIGHT NOW. He promised to give money back in 3-4 months after selling his ancestral property.
What is the remedy. How can I get my money back. Is there any provision in law.
