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UMy colleague borrowed a total of ₹28 lakhs from me, promising to return it within a few days. As security, he provided blank cheques and signed a bond paper, acknowledging the loan and agreeing to pay interest until full repayment.
Initially, he paid interest for a couple of months but then stopped. He later claimed that he had lost all the money, and despite repeated requests over the past three years, he has not repaid the loan. Each time I ask for repayment, he assures me he will return the money in a few months, but he never follows through.
I recently learned that he has also borrowed money from some of his juniors, which eventually led to his dismissal from his job. Now, whenever I demand repayment, he threatens to file for Insolvency Proceedings (IP), stating that he has no income.
I am feeling helpless and want to understand what legal actions I can take to recover my money. Additionally, I need advice on how to prevent him from fleeing Hyderabad to escape his financial obligations.
I would appreciate suggestions on the best course of action to ensure he does not default on repayment or evade responsibility.
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RI mean it’s rule 101 of lending money
Rule 101- Only lend money if you are contempt with not receiving that amount back.
but Holliiiiiii sheeeeeeet, 28 lakhs, ffs, if I’ll lend that I along with colleague of yours will be on the road.
Are the cheques bouncing when you trying to cash in?
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VLawyer from delhi here!
If you have cheques you can file a 138 NI act case. But if the cheques are dated 3 years back then you won’t be able to file it as the cheque is valid for 6 months from the date of issuance.
Also intimate him before submitting the cheque in the bank.Also you can file a suit for recovery showing continuous cause of action as time period is 3 years.
If he threatens to file bankruptcy ask him to go ahead and as soon as he does. File your statement of claim and then as the RP will be appointed, he will analyse the claims and then accordingly the tribunal will pass orders.
Also file police complaints for fraud and cheating to create some pressure.
As he paid only for two months in three years his intention to defraud can be easily established.
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UIt’s time barred debt means as per limitation act, isn’t it? If it’s so as 3 years has been passed, it becomes unenforceable aggreement.
He has sec. 138 of NI Act route I guess, as he mentioned that he paid cheque into bank and it was dishonoured and same was communicated to him by notice 6 months ago.
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VThe continuous cause of action can be used as technical ground to make it within 3 year limitation and if the cheque was issued with a date of 3 years back. Then 138 won’t sustain.
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UJust curious, is it legally allowed to lend this much money and collect interest without being a registered financial institution?
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VYou can lend money as a friendly loan but can’t claim interest. If The court deems fit, can allow it as damages that too nominal savings bank rate interest. Owing to the fact that if this money was kept in saving banks account for over a certain period of time would have fetched a particular amount of money.
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UIf your colleague doesn’t have any assets then you have no option than writing off the money, Nothing can be recovered, recently happened between my friends.
Involving police, politicians, goons or lawyer will result in loosing more money.
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UThanks for the advice
There are chances that the guy may make money in the future too, doesn’t the court ask him to pay as he earns money?
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URecently one my friend cheated around 1c in my friends circle, different friend tried different approaches.
1) Police Complaint – Police simple get written statement that he will pay in 6 months, but every 6 months they will renew the agreement but police will not force him to pay.
2) Filling a case – he have all the setup to file personal bankruptcy, case will be dismissed saying he is bankrupt, but still few lawyer willing to file case to make some quick cash though case cannot be won.
3) Bringing goon or politician – they charge 15k per visit whether they are able or not able to recover.
4) Tried visiting his house in early morning – he and his family is not ashamed after few visits, even by 6am there will be a huge queue in front of his house(Credit cards, personal loan, nbfc loan, local lenders etc)
I am sure he will never flee the scene because then you can file fraud case, also you cannot harsh him then he can file a case against you.
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UVigilante justice is the right thing to do
Legal frame work helps such people
Once we get lawyers and police involved, they will make u taste what injustice feels like
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UAdvocate here,
so let me tell you a story…
Ram is in need of a loan for some purpose and he borrows the money from Shayam. Shayam lends him the money for a very high interest let’s say 5% per month (which is an actual practice and, in my career, have often seen such cases). Ram has a lawyer friend and he tells him that RBI has mandated an interest rate of 1.5% per month only and any higher than that. The borrower is not bound by the same but if they have a mutual understanding then it is perfectly legal. Now Ram doesn’t feel like paying 3.5% interest extra each month.
**So his lawyer friend advices him to stop the payment. let the Shyam file a case against you which will buy you 4-5 years of time. Shyam will 100% win the case but now the interest that you will have to pay would only be 1.5% per month or 18% per annum. invest that 28 Lakhs in F.D or whatever repay later.**
*So may advice to you here is before you file a case tell him that you are willing to reduce the interest rate and installments. he has played you now dont walk further into it.*
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UNeither he payed interest nor principal. He says, he has no assets and recently when our management realised, how he used his position of power to make juniors lend him money, they fired him. Now he doesn’t even have salary
He says he doesn’t have money and by the look of it, he duped people for crores and I am one among them
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AYour Greed has caught you ..
I would never lend that much money to my relatives let alone a colleague..
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UI own my mistake, will u give money?!
What is the purpose of your comment!!
It is no way helping anyone
If u have nothing to contribute, just don’t comment, it is as simple as that
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FYou’re clearly frustrated with that guy consciously and on subconsciously, with yourself. It doesn’t matters to me, you’re the one who is draining his energy in getting angry, I’m unbothered.
Plus if my comment isn’t helping, which definitely is not, just block/ignore me. As easy as that. 🤷🏻♂️
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UThere are numerous people who lost money and they don’t open up because of victim shaming. What will u achieve from this!!
An inflated ego, saying someone was wrong.
With all respect, I request, if you are not able to help, atleast not criticise people who are opening up.
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FTrust me, my words will have zero effect until and unless you want to be affected. Heard the ship sinking example?
Well, keeping this aside, I do hope you get 100% your money back, although all the mental stress it has caused you won’t be compensated but still, you’ll be relieved.
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UThanks Man for the quotation and keeping effort to teach that philosophy through your comments
Good night 😴
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UMy Advise for you is to not reading all comments as you know “world is not black and white ” here as there is no physical contect people can say what they want as there is not reprecussion for them . in reality more people likes to hurt other than help, like it is natural and it is true . so FILTER OUT 80% useless comment and read only those who are of helping kind and please comment on only on them . HOPE IT REACHES OUT TO YOU
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DGuys not legal advice but if someone needs money as large as 5 L + he/she is probably not capable of returning back. Simply because they are extremely poor at financial management except in health emergencies. I don’t want to spoil my friendships with friends so I took a screenshot of when my portfolio showed huge losses and whenever someone asks for loan. I tell them don’t tell this to anyone I borrowed 10 l from my friend and suffered huge losses now every month I am paying 60% of my income to my friend and I was about to take a loan from you too but seems like we are in the same boat.
Amount increases as per the other guys demand he says 2L I say loss of 20 Lakhs.
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SWell it takes some people a 500 rupee note and some 28 lakhs to understand that only give away what you’ll willing to lose.
Even banks and goons are unable to maintain 100% recovery.
Your friend is smart. One of the ways to earn money is to simply borrow it and never return. It’s a life hack, not everyone has the courage to pull.
Expect atleast 2 to 3 lakhs return.
Follow it up legally so that it’s always after him.
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BEncash the blank cheques. If they bounce, you can file a case under section 138 of the NI act and use the bond as proof of debt. You can simultaneously pursue a civil suit for recovery of money, if you want to.
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BAnd unlike what most of the people in the comments are saying. The threat of jail will definitely make him repay the amounts to you. Since 138 of the NI act is compoundable, more often than not you’ll receive the monies payable to you. If you feel like he’s not going to do so even after that, you can pursue a civil remedy. Once a decree is in your favour, you can file a petition to execute a decree. Approach a lawyer with all your details. Your case is pretty straightforward. In a year or two you should see results.
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UPeople should be cautious while lending money. This man may probably flee the city or worse case scenario hurt himself when cornered and the lenders may get in legal trouble.
Please learn money management skills, you don’t lend a large chunk of money to an individual just that you can earn handsome interest.
Think for a second why would he take loan from friends and acquaintances for exorbitant interest rates while the financial institutions lend at a lesser rate – suggests he has no assets to mortgage or a good credit score. Please be mindful.
Our legal system is not built for individuals to recover money when the borrower defaults, different for institutions. Harsh truth. There’s not much you could do legally to recover. Best of luck.
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MMatlab 1 percent every month interest or only principal return… waaah bete waah…jis raah me jaa rahe ho..bohot mushkil padega followthrough karna
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JAdvocate here,
The best legal recourse for you is to present the cheques to the Bank and get them dishonoured. After that, the colleague needs to be prosecuted under Section 138 of Negotiable Instruments Act 1881.
Be careful to follow the entire process in consultation with an advocate as the timelines and limitations for a Cheque Bounce case are very strict and one mistake may render the Blank Cheques useless. Then the only recourse left with you is a Civil Suit which is a very costly and cumbersome process.
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UI would suggest to go to lawyer and start getting his check bounced not all cheaks but smaller amount ones and file a case on him until you will not put him in leagel troble he will never pay as he is a serial cheater
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UThe same thing happened with my bad pension fund of 30 L . A friend borrowed and refused to return . At least you took a blank check ,unlike my father.
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QLawyer from Hyderabad
You can file a recovery suit for money and damage. If he has any property you can go for attachment of that property to claim your money.
If you have any further queries. Feel free to ping me.
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