Raj (software professional) 14 December 2018

My legal options to recover the money i lent to a friend

I lent my friend Rs. 5 lakhs 2.5 years back with a promise he will be returning the full money (no interest expected or talked about) in 1.5 years. Since he failed to pay back after 2 years, he gave me a lapsed LIC bond and asked me to wait for 6 more months to get 2.8 lakh rupess from the Bond. Now I spoke to LIC Manager and he said the money back from bond would be 1.98 lakhs and that too will be maturing after one more year. Now when I spoke to my friend his tone is changed and is not willing to talk about returning my money. What are my options legally to recover money.

What all I have is falling

1. My bank transaction statement to one of my relatives who handed over money to this friend

2. whatsapp discussion on his false promises to wait for 3 months up until 2.5 years now

3. LIC bond (on maturity the money goes to his account. so ideally the bond has no value I believe)

Raj

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11 Replies

Siddharth Srivastava (Advocate) 14 December 2018

get issued legal notice and file suit for recovery.

RICHARD F (STUDENT) 15 December 2018

what precautions you have taken from his side to prove that what debt he had owed from you is legal one such as agreement

RICHARD F (STUDENT) 15 December 2018

either criminal or civil remedies are available

G.L.N. Prasad (Retired employee.) 15 December 2018

Contact a local advocate immediately as there is limitation period and several facts as recorded in documents are necessary.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 15 December 2018

Legal notice is a must before filing a money recovery suit.

Kishor Mehta (CEO) 15 December 2018

You have a very short time left to proceed legally, as a month' s notice is mandatory before you can file a case, don't while away precious time, immediately contact a practicing advocate and commence legal proceedings if at all you wish to collect your dues.

Siddharth Srivastava (Advocate) 15 December 2018

Notice can be for 7 days or for 15 days.in property matters only one month notice is necessary but in recovery matters it is not necessary.

Raj (software professional) 15 December 2018

Thank you all for your valuable pointers. I am talking to my advocate to start legal procedure starting with serving him a notice.

Shashi Dhara 15 December 2018

U issue legal notice.if he accepts it will be considered as acknowledgement of debt &it will become valid document .if he refuses u haveto search for supportive documents.