Loss in share trading..how to recover money
mahesh basu
(Querist) 07 August 2012
This query is : Resolved
i open a trading account for trading in futures and options in NSE. i opened acnt in angel broking firm.
i deposted 25 lacs in account and asked my cousin to trade in account as he is doing it in his acnt for last few years.
i gave him my login id/password of my angel broking trading acnt.
he said that he will give me 1 % per month return but since he is my cousin i never signed any contract with him and all conversation took place on phone.
now after around 2 years only 5 lacs in their my account meaning around 20 lacs loss.
now he is refusing to pay my money saying that he never promised any return and nor signed any contract note.
now how can i recover my money from him ?
all account is in my name and i used to get all emails and sms on my provided numbers since the account is in my name.
is there any way i can get my money back under any laws in india?
i dont have any phone recording of my conversation with him.
please help.
Guest
(Expert) 07 August 2012
No way out except bearing the loss, as everything was done with your own ID, with your own password, with your consent and every transaction was reported on your own assigned email.
Further, when you did not have objection to his loss-making trading for the last two years and did not even claim a single penny in lieu of agreed 1% per month, how you feel that you can establish any liability on him?
Better, now, atleast change your password to save the remaining of Rs.5 Lakhs at your balance. Otherwise, you may lose that also.
Devajyoti Barman
(Expert) 07 August 2012
NSE has system of referring the dispute to its panel of arbitrators for resolving the dispute among the customers and the brokers.
If you wish got it , else you may file case under Consumer Protection Act as well.
mahesh basu
(Querist) 07 August 2012
Thanks Dhingra Sir.
Thanks Barman Sir. But can NSE arbitrators really help me as i dont have any physical evidence of my given authority to my cousin for trading.
How can i prove my point that i have been cheated?
Guest
(Expert) 07 August 2012
Arbitration process would also be based on sufficient proof for any illegal operation of your account and intentional and wrongful loss caused to your money by the opposit party.
girish shringi
(Expert) 07 August 2012
Get full statement o accounts from Angel Broking,find out is there any loss in transactions?
If it proves to be its your account,since you have not given anyn power of attorney to the cousin and he operated the account,you can have one chance under cyber crime cell,who can investigate from the vox files of "angels " can file criminal case.
JANAK RAJ VATSA
(Expert) 07 August 2012
get the statement from the angel broking firm and see as to how the money has gone i.e. for purchasing shares for you or for him. in case if you find any instance of cheating in the transactions, then possbile to pursue a criminal case. otherwise it is a case of criminal breach of trust but it would be exremely difficult for you to prove the same in the court of law
K.K.Ganguly
(Expert) 07 August 2012
Save your balance amount of Rs.5 Lakhs. This is the only thing you can do now. There is no evidence of any contract for that 1% you can produce. Moreover, when the confidential password of your account has been given by you to somebody, then it is treated that you have already accepted the liability & responsibility arising out of that body's act from your account.
mahesh basu
(Querist) 09 August 2012
Thanks to the experts again.
Initially for 3 - 4 months profit was generated so i withdrew about 10 lacs in my account.
So will the court take into consideration that amount of 10 lacs as well and will say that total loss is just 10 lacs ( as 25 lacs minus 10 lacs withdrawn into account minus 5 lacs available in cash. )
So in any case i can only file loss of 10 lacs from him?
Or i can say that 10 lacs withdrawn was my profit and i be given full remedy of 20 lacs ( being 25 lacs initial deposit minus 5 lacs in cash available).
Thanks in advance for helping on this.
Regards.
