Money not return from distant relative
3 years ago
Myself and my distance relative guy agreed by verbally to invest in XXX fin corp. As per the verbal agreement, I transferred 2.95L to his account on 23/07/2019 to investment in my name. But he didn't invested in that Company, he did investment his name in shares 24/07/2019. This matter, last 15th may month I know. After that I asked him, he said I will return with in two month. Then after two month ( 15th june) I asked him, again he said another months, Now I asked him about to return the money, he said again wait upto this year December.
In last one year every month I asked about the investment to him, he said I did investment in that Company, but company had problem, so they will return it. He lied last one year. Now I totally depressed. Please give me advise, how to get money from him.
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Nishant Singh
Responded 3 years ago
You can file a Recovery Suit with damages on the basis of points below:
- Jurisdiction of the matter lies as per Defendant/Respondent address
- you have to mention that you and your relative had a verbal agreement to invest an xxx amount in xxx company on the name of both the parties (50:50 basis). As per the verbal agreement, you performed your part of the obligation to transfer Rs.2.95 L in his account. But your relative breach the agreement as he neither buy the shares on your name nor he return the money. As he is your relative and having friendly relations, you again enter into a new verbal agreement i.e. Friendly Loan Agreement. As per terms and conditions of the agreement that the said amount converted into an interest-free friendly loan and he will return within 2 months with effect from the date amount transfer. But again, he fails to repay you and breach the agreement.
- Documentary evidence is your bank statement having transaction details.
- You can also file a criminal complaint against the said relative on the ground of Cheating and dishonestly inducing delivery of property and Criminal Breach of Trust.
Nishant Singh
Advocate
Delhi
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