I will use alternate names, please bare with me for other confusion as well.
1) First confusion and mistake.
Person who wanted money PartyA. Actual money transfered(NEFT) to PartyB on request of PartyA.
No other proof other than bank transaction (Recently PartyA gave me his signature in Rs.100 empty stamp paper). Let me know if any proof needed, what should I do incase PartyA not willing to give proof now. If I get proof now will it be okey.
Initially money transferred from my savings.
2) Second confusion and mistake
Later on request of PartyA in Aug'12 I took a personal loan of 4 Lacs for 48 months tenure on oral promise of the loan will be pre-closed within 6 months and return of 5% each month on what ever money I have given so far by doing intraday trading in their account. Same month I lost my job (im bread winner for me n my mom)
3) Allowed PartyA to use my credit cards for 75,000 in one and 79,000 in another.
4) Obtained 1.2 lac loan in credit card for PartyA and NEFT to PartyB.
Initially for few months PartyB transferred money so that EMI can be paid, soon after 4 or 5 months (May'13) no more money was paid to me since.
And till now(May'14) I'm jobless but I have been paying EMI and minimum due, now I have run out of funds and friends support.
PartyA says will give money when possible, if you want go to Police. Its the same answer everytime.
Will I be able to recovery the money if yes how soon can I recover. What should I do to recovery the money.
Should I inform the bank about the situation and tell them about PartyA. Or should I wait for the bank to contact me after I stopped paying.
Will the bank accept my situation and give me time to repay.
