Hi,
One plot developer approached and I entered in to a notarized investment aggrement with him. As per the aggrement terms.
1)Investor (myself) will give investment check to builder for 1 year tennure
2) Builder will in return will give monthly interest and also provide plots (registered) to Investor as security. Registration will be done in first 3 months.
3) Builder will also issue a PDC for Investment amount.
4) Any issue will be settled via an arbitrator which will be appointed with mutual aggrement.
5) Investor can withdraw the amount in 45 days notice.
I started with this aggrement and in first two months the interest checks were depositied without any issue. Later in 3rd month the check bounced because of inssuficient funds in the account. When I attempted to contact builder I realized the office is closed but he was reachable on phone and promised to pay me in few days. After some analysis I found he has cheated some other folks in loan scheme and their checks are also bounced.
Hence I on my own issued him a notice via registered AD within 5 days of check bounce on his office address.
The register has came back as not claimed. Builders mobile is now switched off and when we get to connect with him he promises other date for some reasons.
My interest is to get my applicable interest amount and principal back (15 lacs) which is hard earned money.
Can I file both criminal case (Under 138) as threat for him for settlement as civil case for recover of my investment + due interest.
Also in case he is given a punishment under criminal suit will there be any opportunity to recover my amount ? which is my main interest.
Also is there any risk associated with me getting trapped ?
Thanks for your suggestions.
Regards
Sandeep
