Loan given to a friend refusing to return the money
vishal kalara
(Querist) 07 August 2010
This query is : Resolved
Respected Sir/Madam
I had taken a loan from a bank against my property for the purpose of developing the same property.A friend had helped me to get that loan, there by gaining my trust.Now since i did not need the entire loan all at once since the property is built in phases and the payments are also made accordingly,this friend suggested that we give 40% of the loan amount to the bank and save interest.so he took a cheque from me in his name and later told me since the bank was giving less interest,I have given the money to a private party for 6 months,so i asked him to give me receipt on a plane paper with details of the cheque.After 6 mnths he said that the party has vanished with the money and he will give the money to me once he catches that person.Now what can i do can i go to court and if I can, is it any use.It is a very big amount and I am paying a lot of interset on it.It is going to be 2 yrs since i gave him the money.
Thanks and Regards
Vishal
Raj Kumar Makkad
(Expert) 07 August 2010
You can file a police complaint against him for making a fraud with you and fradulantly taking money from you. Similar complaint can also be filed before court in case police refuses to lodge FIR against him.
I think your so-called friend has cheated you so you should not keep mum now and should start legal action against him.
s.subramanian
(Expert) 07 August 2010
you think of initiating a civil suit so that you would be able to recover your money from him. consult a good civil lawyer with all the facts nearby you.
Yamalapalli Haribob
(Expert) 07 August 2010
you have to file a civil suit for recovery of money against your friend within three years from the date of withdrawn the amount by your friend.Before filing suit you must give legal notice to your friend stating facts.
vishal kalara
(Querist) 09 August 2010
Thank you all very much....for your replies,now i have to find a lawyer with expertize in such cases.
Thank you again.
