Money taken by sub broker as fd

Amit Oza (Querist) 16 January 2015 This query is : Resolved
Hi.. i want advice on the following

I have an trading account with a sub-broker who deals in shares. he has 5 -6 companies registered and one is NBFC. he his also registed sub -broker with SEBI.In 2008-9 the owner needed some fund so he promise me 18% interest .i gave him 5 lacs Rs for 6 months he was paying the interest but suddenly stop paying the interest..what should i do,what are the legal remides.as i am an NRI and i am in need of fund

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Devajyoti Barman (Expert) 17 January 2015
What proof do you have about the this loan?

If you have written proof of loan then file a summary suit for recovery of money.

Rajendra K Goyal (Expert) 18 January 2015
If you have adequate proofs of money advanced with acknowledgement of debt within last three years, you can file recovery suit / summary suit.

T. Kalaiselvan, Advocate (Expert) 20 January 2015
The evidence alone can make you sit up to recover your amount from the broker, do you have any, if so what is it?

Anirudh (Expert) 20 January 2015
The money was given six years back.
The limitation will come in. The recovery may be difficult.

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