- This topic has 15 replies, 4 voices, and was last updated 1 year, 3 months ago by
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USo there was this asshole who used to run kind of illegal money lending business used to work with my parent in a company. Most of the workers used to trust him and invest money with him. Scheme was kind of a fd scheme that banks offer but with higher interest rate. Inspite of my objection my parent continued to invest with him.
Now he has legally opened one gold loan public undertaking with huge shareholders and also serves as director. He is not returning money he always gives dates but nothing now it’s been 10 years with 40 lakhs invested with him
My question is if I go to court and tell judges that when he took our money, he said he will be investing or open FD in the company legally but didn’t, as we trusted him having invested with for 25 years because the rate of return he used to provide was same, we trusted him so we didnt see the need to go over the hassle of invest legally can court provide justice. We don’t any proof except phone recording and bank statement entry. I just want to set this guy straight.
What I am thinking is that if I lawyer up or something and send him a legally notification to the company or something he might cough up the money fearing that his company and shareholders might lose its reputation due to the case
Please can someone share their opinions if they were in the same place
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PThe case will stick only if the money invested is legit tax paid and invested through bank transfer. Once you have these details, then have a lawyer send a legal notice and then file a money suit for recovery.
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UMoneys legal but do I send notice to him personally or to the company, since we don’t have any proof of paying the company
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PDo you have proof of remittance,dates, etc. Notice to him personally. Is he major owner director of new company?
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UPune he is the owner and director, we haven’t send him any notice yet. We have records of phone calls where he only gives dates on which he will return money once he gets back from some other person
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PWhen you talk money, only paper and money trail will work. You said it is legit money..dig out all the income tax returns for the year(s) when money was lent, bank transfer details, less money received back and net money still lying with him. Once these details are ready a lawyer can send legal notice and then after notice period file a money recovery suit. Alternately, if you feel he may not return dntire money in one go, it will make sense for you to request court for pre litigation mediation, where you can get him to agree to a phased money return plan and put thus settlement plan on paper abd get it recorded in court’s order. If he defaults on this then you have a strong cause of action…at the moment without any documentation you are slightly on back foot
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UMost of the time the money was exchanged in cash but on rare occasions there was check involved. We have bank entries from that period. Thanks for taking the time to reply.
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PCash is the reason he is playing smart with you guys. Several judgements where only tax paid advances have been acknowledged as debt due.
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USalary is considered tax paid correct? So I give my salary in cash to some fraud money lender it should still be legal money right?
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