How To Recover Money From A Person?

I had given one person money for a period of 6 months who promised me to give interest in return. I asked him to make an Agreement for the same but he refused to convince me that he will return without fail and sent me a receipt via email stating tha... Read More

I had given one person money for a period of 6 months who promised me to give interest in return. I asked him to make an Agreement for the same but he refused to convince me that he will return without fail and sent me a receipt via email stating that he has received the money and will give interest as agreed & will repay on the due date. After 6 months I asked him my money but he kept on delaying saying that he has suffered a heavy loss in the stock market and will require some more period to return the same and till then he promised to pay me the decided interest. I had to ask him my interest every month and by delaying he used to pay me the same. In this way 15 months passed now he has stopped paying me interest & is also not returning my given money by saying that as soon he receives or arranges the same he will return me. He always promises some date in the future but never fulfills his commitment. However, I forcefully managed to take blank cheque and a agreement from him saying that he has taken money from me & is returning me the same via that cheque and if he failed with his promise he will be liable to pay all the charges, interest & damages incurred by me to take legal action against him. I also went to the local police station to lodge a complaint but they refused to take saying that it is a criminal case. I don't want to go to court as it will keep the case pending for years and further this man is so shrewd that he may have transferred the money successfully to his relatives showing him bankrupt. Further now he and his family are also not found in the house where he used to stay whenever I go, but if I called him for a meeting he meets me in the same house where I never find his son & wife now. His son is a CA working in a firm with a nice package but is not available to talk. I have also heard from this person that he has taken money from many other persons also and is under debt for around 25 crores. I have also heard that many people come to his house of which I have met 2 persons whose total debt is around 1 crore. Therefore I request you to guide me as to how can I recover my money from him.
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Answer (1)

Dhriti Dewan

Dhriti Dewan

  • Sector-1, Noida

Remedy Under Civil Law- Under Order 37 of the Civil Procedure Code, a bank/creditor can file a summary suit. Remedy Under Criminal Law - One can start criminal procedures against the defaulter under criminal breach of trust or cheating or mischief under the Indian Penal Code,1860. Out-of-court settlement- It is one of the quickest and most economical methods for recovering money, like mediation, arbitration or conciliation.

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Answered on 08 Jul 2019


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