Loss in business
2 years ago
In 2017 I offered my friend that I’ll give him 30% returns monthly through cryptocurrency trading and he gave me money around 40 lakhs total. (I didn’t took money in my bank account, he transferred money to currency exchangers bank accounts). Eventually i lost money in December 2018. Is showed him all proof at that time. Now I don’t have any proof as I deleted my trading account
Now he is turning against me and asking to show proof of loss. (As I don’t have any proof now)
We don’t had any written agreements. My doubt is can he sue me in any case?
You need not worry it being a civil case he has to approach civil court and more so there is no written agreement.
Munish Goyal
Replied 5 months ago
Even time barred also
Ayantika Mondal @ Prime Legal
Responded 2 years ago
As per RBI circulars, KYC is a mandatory process for the crypto-exchanges to work. If your friend transferred money to the currency exchangers' bank accounts where your KYC was registered then you would have to prove why you took the money from him. Cryptocurrency is not entirely anonymous because of KYC policies in India.
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If your friend had transferred his money to the currency exchangers' bank accounts then it must have been done through KYC policies as it is compulsory for every crypto exchange to do so. Now it depends on whose name the KYC was done. If it was your friend then he would have to prove that the money was transferred to you.
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In my opinion and understanding of the cyberworld and the law he can only harass you but nothing more.
Ankur Goel @ Complete Law Shield
Responded 2 years ago
if no then he can ask money to be returned even if you are able to get proof of loss.
Secondly never talk to him relationg topic may be he record your which may be against you..
Sidhaarth
Responded 2 years ago
If you friend has proof of payment then he can proceed and sue against you both in criminal law and civil law.
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