How can i recover my money

Nadeem Qureshi (Querist) 19 March 2013 This query is : Resolved
Dear Experts
This query is related to my Friend who want your valuable advise on this issue, please give your best opinion, thanks all of you.

'I INVESTED 1 LAKH RUPEES OVER THE ASSURANCE OF A PERSON (MR. X)WHO IS WORKING IN STOCK/COMMODITY MARKET AS AN AGENT FOR A COMPANY DEALING IN STOCK/COMMODITY MARKET.I SIGNED ALL THE DOCUMENT AND I GOT MY A/C NO. FOR SALE AND PURCHASE I SAID MR. X TO INVEST A SMALL MONEY OUT OF THE WHOLE AMOUNT AND ONLY DEAL IN THE MINI ZINC, COPPER. MR. X WAS WAS SELLING AND PURCHASING FROM MY A/C AND DOING AS I TOLD HIM. I GOT LOSS AND PROFIT BOTH BUT I DID NOT COMPLAINT HIM BECAUSE AS I TOLD HIM HE WAS DOING SO. BUT ONEDAY HE INVESTED IN NATURAL GAS WITHOUT ASKING ME. IT TOOK MANY UPS AND DOWN AND ONEDAY THE WHOLE 1LAKH AMOUNT WAS LOST BECAUSE OF HIS MISTAKE.HE IS ACCEPTING HIS FAULT ORALLY AND SAYING THAT WHENEVER I WILL HAVE I WILL PAY YOU OR YOU INVEST AGAIN I WILL EARN FOR YOU FROM THE MARKET BUT NOT REFUNDING ME OR REPAYING ME.
SO PLS TELL ME WHAT REMEDIES I HAVE AGAINST HIM IN OUR ALL THE LAWS.
WHAT strategy i should adopt to handle the problem or situation to get my money from him.

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Guest (Expert) 19 March 2013
Ask your friend to get a promisory note of Rs. one lakh or a post-dated crossed cheque in his name from the concerned person.

Adv k . mahesh (Expert) 19 March 2013
BUT ONEDAY HE INVESTED IN NATURAL GAS WITHOUT ASKING ME. IT TOOK MANY UPS AND DOWN AND ONEDAY
here understand that first he invested without your knowledge and ups and down and one day means you have a chance to tell him to sell the shares but you to are interested that there is profit and you would gain one day and when loss occurred you are blaming your friend, you should have immedietly told him to sell the shares when he had taken without your knowledge there is a gap of one day but you to enjoying

prabhakar singh (Expert) 19 March 2013
If facts stated by you are correct then all trading was being carried in name of your friend in his account,so prima facie it was your friend who did these tradings unless your friend have some proof or evidence to show that it was broker himself did it without any order from your friend provided broker did not procure any power of attorney from your friend.

You can file complaint with SEBI and may sue or even come through consumer complaint also.

ajay sethi (Expert) 19 March 2013
your chances of recovery of money are bleak . you have signed documents authorising him to invest . you had an account number for trading . you wll be lucky if he refunds any money

kamleshwar Singh (Expert) 19 March 2013
Thoroughly go threw offer documents sign by you and file a recovery application before district consumer court or recover under tort law. for damages claim.

Kamleshwar Singh
Cyber Advocate

Raj Kumar Makkad (Expert) 19 March 2013
Nothing to add more in the given replies.

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