Complicated issue
Sourabh
(Querist) 09 August 2013
This query is : Resolved
Dear friends
i'm from mumbai, i have financed a businessman with Rs. 10 lakhs on 3% interest Rate p/m and profit sharing basis. for which post dated cheques were received by me from him.
5 lakhs were given by cheque to him and other 5 in cash.
now he is not willing to refund the money. I have represented the cheques in bank out of which 9 lacs has been returned with "insufficient balance" and 1 lac with "Stop Payment"
as soon as he came to know i have deposited the chq he filed a police complain that we have taken his cheques without his knowledge , etc and threatening him of life.
i have supporting document of 5 lacs only with me , what should i do ,please advise
:(
its very hard to trust anyone in this world after this bad experience
V R SHROFF
(Expert) 09 August 2013
You file 138 cases + Summary civil suit for recovery.
It is too late to learn "its very hard to trust anyone in this world after this bad experience"
""Vishwasghat vahi hota hai, janha Vishgwas hota hai. ""
So do not trust blindly.
Rajendra K Goyal
(Expert) 10 August 2013
File 138 NI Act for and recovery suit as advised.
Sourabh
(Querist) 10 August 2013
Please also advise me of charges, or money needed to fight the case ?
Sourabh
(Querist) 10 August 2013
honestly i'm having sleepless nights now, lending money in this country is a very poor decision. Infact trusting anyone is really too hard.
I have supporting documents for 5 lakhs, rest of the 5 lakhs which i gave him in cash , i only have bounced cheques.
seriously worried whats gonna happen in this case...
prabhakar singh
(Expert) 10 August 2013
@3%p.m. means 36% annually means capital gets covered in less than three years.
In any business the greater the profit,the greater the risk.
It is not a question of trusting but it is question of business of lending in which lender knows the risk of default right from day one, where from the mania of any trust gets imported.A business is always done on pre calculated risk reward ratio.
