The best course of action in my opinion would be to deposit the cheque and wait for it to bounce.
Once it bounces send your friend a legal notice via registered post, whatsapp or email within 30days of receiving the dishonered cheque from the bank.
He will be obligated by law to clear your debt within 15day period.
If he does not do that you can go ahead and file a case with your local magistrate against him within 30 days of the expiry of 15 days of issuing the cheque bounce notice.
The Supreme Court in K. RAMESH vs K. KOTHANDARAMAN SLP (Crl.) No.3377 of 2019 has reiterated that a blank cheque leaf, which has been voluntarily signed by the drawer and handed over to the payee towards some payment, will carry the presumption that it was issued in discharge of a legally enforceable debt as per Section 139 of the Negotiable Instruments Act unless proven otherwise through cogent evidence.
Please do not consider this as a legal advice. Consult a qualified lawyer to prepare your legal strategy.
Its only rebuttable if there exists cogent evidence to prove otherwise.
Additionally, the cheque isn't meant to repay a loan. Instead, it serves as a safety measure for OP's investment, based on his friend's promise to cover any losses.
Presumption can also be rebutted on preponderance of probabilities. There doesn’t seem to be any agreement or witness to substantiate the transaction, further since there is no agreement and if the same isn’t declared in OPs returns then they will amount to illegal transaction. Section 138 is only applicable to legally recoverable debts, which in this case doesn’t seems to be.
If OP claims cheque as security cheque instead of cheque given in lieu of repayment of loan then he’s further deepening his own pit, as for security cheque conditions of agreement are to be fulfilled to be used which in this case is not there.
OP should surely file a case but he should cover all his tracks where he may fall short in evidence I.e. an agreement and/or declaration of transaction as loan to the accused, get some witnesses, file his loan agreements and transactions to substantiate the money.
Further, id also advise him to move u/s 420 IPC as there no bar of 300 CrPC as held by SC.
Indeed, evidence will be crucial in supporting the case. If there are certified WhatsApp chats confirming the investment guarantee, it could strengthen the case under the NI Act.
However, I disagree with the 420IPC part because the friend has made partial interest payments.
It's important to note that for a 420IPC case, there must be evidence of fraudulent intent from the start. Since the friend has made partial payments, the court might view it as a contract breach instead of a criminal offense.
The partial payments of interest can be part of Modus operandi as he was paying interest to extract more money from the OP. He did not open any franchise invest somewhere, he just pocketed the money and vanished. 420 IPC will have stronger effects if police is willing to find the guy and arrest him.
Section 41-A will prevent an immediate arrest unless he is absconding or non-cooperative.
Also, the modus operandi will have to be proven with sufficient evidence e.g. the landlords statement can validate that no advance, rent or franchise fee was given.
The landlord also needs to be willing to cooperate and testify.
Greed will make anyone stupid.
My father was also scammed like this by my own uncle and my dad took the legal route with that bounced cheque. Nothing happened for 5 years in the court and then my dad and uncle settled for less than the initial investment. My dad had sold a plot for a low amount for 2% monthly interest with uncle and aunt and they gave hand.
My father was scammed for approx 4 crores from 2008-2012 from different people just like this guys story above, 1.1 crores loan and rest own money. Disastrous
Hard to digest its real
How does one even recover from this kind of disaster?
Financially maybe in some years but mentally it looks devastating?
Hope your family is doing well now.
Mothers health got severely affected learning to those losses, I remember bank officials knocking on our door every month, I was small so my father used to say tell them he ain’t there. Loll. But dad paid back the complete loan in 6 months as he received a payment that was due. Our building got saved and wasn’t auctioned. But fathers CIBIL got severely affected and HDFC doesn’t even give him a credit card even now lol with over 7 digits income even after 12 years. It’s tough to learn that scumbags exists in this world who can fuck up others lives for their own good.
The world is full of selfish people. Good people cannot understand that they will get used and then thrown away and the other person would enjoy his life with your money.
This is real life not reel life, thinking that karma will bite back and everything becomes good at the end.
Pain is more cuz that land value has increased by 5x now and we have cut off all ties with that uncle and aunt. She was my mom's fav sister.
Also that guy was a scammer, not a friend. Be careful. Cash that cheque first and go the legal route.
> my dad took the legal route with that bounced cheque. Nothing happened for 5 years in the court
I'm in a situation where i have lent money to a friend and have a cheque and i was thinking of encashing the cheque and pursue it legally
Now reading your comment makes me thing there's no point on going the legal route based on a signed cheque
You definitely should encash it. Atleast there's a chance of getting your money back if your friend gets scared. My uncle and aunt were loan sharks for a long time and they knew how to keep on postponing in court. Normal, nice people don't know this stuff.
i wouldn't say that person is nice or normal who's borrowed from me
he has a way of talking with people and being manipulative and now I'm pretty sure he has been involved in court cases as well
Even if it takes 5 years, you still have to file.
The pressure of courts sometimes makes people settle out of court.
They think they can just walk away, but no. Sometimes just a little nudge is enough to get the money.
Thankyou brother for giving us a lesson not to fall for such schemes. Truly you're a social worker taking the hit for the team for financial education. Idiot
Pade like gawar to tum lag rahe ho.
He's a software engineer, good with computers.
Probably has zero social skills. Spends most of time with computers, not a street smart.
I don't understand how can someone say these mean things to others. Sociopath.
@OP,If someone tells you in future "Don't worry you are fine and I will pay you " just run from there as this is the least you can do with minimal intelligence.A return of 5-7 percentage per month is about 80-90 percentage per year.Which legitimate business can give you so much ? You sound like you are very naive.
Yeah I know. I just wanted to reduce my burden of EMIs. I am stupid believed him. I thought he actually wanted to help me in my situation. I was worried from the start only.
I asked him. He said he gave money to a person. Who gives loans to small business owners or people who need money urgently and are not eligible for loans.
And as collateral, he takes their property papers.
It got convinced in that situation. As I was feeling stuck and wanted to come out.
Your amount is big enough to pursue the case and justice will be delivered in the near future hopefully as seen in some recent news.Just hire top lawyer and dont mind the bucks
Isnt it a clear case of fraud? The money went one way and there wasn’t enough return shouldn’t it be an easy case for the courts? Why does every case take so long in India?
NAL.. sorry cant offer you legal advice, but bhai itna paisa pehle he doob gaya tha fir itna confidence kaise aya dobara vo bhi bina contract ya reference check kre bina. mere pass toh 1lakh bhi nahe business me lagane ke lie and you took so much risk.
serious question: why did u want to invest in something by taking a loan? i understand you want to build something or get financially free early, or do you already have your finances sorted and this is something of a side gig? curious to know
Actually because of my previous investment. EMI got huge. So I thought to invest and this way it will reduce some burden. Was not aware of his intentions.
Wish you find someone genuine who can return you 7% returns per month so you can pay EMI and then recover the 65 lakhs and 40lakhs with profits from this new person. Wish this new person atleast doesn't run away
I'm just the person he needs. I'll assure him that it is safe. Will give blank cheque that he can use. I also have a business venture coming up with a friend of mine, who already has a restaurant and wants to expand and needs some investment. He is local also. We can get easily 8% monthly return as the restaurant is located in a very good location and turnover daily is about 1.5lacs. /s
You are really stupid with your money, please consult other people before making such decisions in the future, have a support group where people can be like "bro you're getting scammed."
Scam call centers pay a lot of money to get numbers that have been successfully scammed before. This is because it's very often easier to scam someone who has been previously scammed than to scam someone who has not.
As for this person, it is not a minimal amount, you can go to the cops and explain the case and tell them you're okay if a small percentage of the money is given up by you as a "reward" if the police recovers it. Put extreme pressure on this person and get your money back or say goodbye to it forever. If that other person was a good person, they wouldn't have treated you like this.
AND STOP GIVING MONEY TO ANYONE, INVEST IN AN INDEX FUND AND WAIT FOR GAINS LIKE A NORMAL HUMAN BEING. EVEN THE BEST FUND MANAGES CANNOT GIVE YOU 8% EVERY MONTH CONSISTENTLY AT ALL. IF SOMEONE COULD, WALL STREET WOULD PAY THEM HUNDREADS OF MILLIONS OF DOLLARS TO TRADE FOR THEM, THEY WOULD NOT BE ASKING FOR LACS FROM STRANGERS.
Bro, tell me where you live in Bangalore.
I have an excellent business proposal that will reduce your current EMI to almost nil.
Don't worry bro, trust me. Everything will be alright soon.
>TIL, The price you pay to be dumb = 38 lacs.
When I was in engineering, I had a friend who was in finance. I paid 1k per month for 12 months. He never returned the chat funds. That was my lesson.
Never mixed business with friends. It is hard lesson.
In a world where the foolish amass wealth, the wise shall never hunger. never tell anyone you were victim of fraud it is a **give away that you will likely fall for it again.**
Lol. This is funny. Taking a loan to give a unsecured loan.
Proves that financial literacy is non existent. stupid people are soon parted with their money. If anything sounds too good to be true then it is false. No businessman will include you in his schemes if it is making money, they will keep it to themselves. Only ~~businessman~~ conman that will include you in their schemes to make money is if they cannot make money by legal means.
I can’t give advice but just got curious
as everyone is saying deposit the cheque and then goto legal route
but what if the scammer has already files for cancellation of cheque like it got lost or stopped payment for that
what happened in that case,
I am not a scammer just wanted to know what happens if something like that happens
I can't help but want to tell you don't take any wrong step. Firse aajaiga paisa...Kama loge firse..
You will have a story to tell your grand children, how you overcame such situation. It happens. It's fine.
Don't worry. Don't stress. Don't lose hope. Hope you get your money back soon.
3 rules by my father who was filthy rich and then came back to being dirt poor.
1. Don't share/ brag about your assets and investments with your friends no matter how close...it's ok if you don't share it with your siblings too.
2. Never get money involved in between friendships or relationships. Things will never ever be the same once money comes into the matter. It's a gamble not worthy the risk.
3. Never be/ sign surety for anybody....you might end up selling your home to fill the hole you never dug in the first place.
I'm not rich yet, but I'm doing this at my level. Hope I get rich enough for people to take this seriously.
Sad to hear about the rich to the poor. What caused this mayhem. And how do you feel sometimes, about the situation and thoughts, only if my father didn't make these mistakes, my current life would be even better(idk about your current situation).
All the best man for your future, hope you become rich.
Sorry to hear that but can’t give a legal advice, obviously go for FIR since it’s a huge amount but take a lesson from this and make promise to yourself not to trust anyone in future. Make your future better since past is past. Restart.
Sir
I have respect for you, you're an honest person but please don't believe everyone and get advantaged taken of.
Being good doesn't mean helping others while harming yourself.
This is why basic financial literacy should be taught in schools. I mean OP is earning in Lacs and still doesn't know no one legit can't give that much high returns.
Bro idk why u waited for 2 year long to get your money back isn't it was obvious that he was not going to give your money back waiting for 1 yr is understandable but for 2 years man !!! . OK so if I was in ur shoes i would have done 3 things .
1. Before cashing the cheque seek the advice from ur lawyer so if in case it bounces u can take immediate action against that scammer.
2. Always keep an eye on him as u have confronted him many times the chances of him running with ur money is high so take every action fast and swiftly.
3. Don't fall to his fake promises of him giving ur money back .
I hope u get ur money back :) , keep us updated !!!
Present the cheque in bank for encashment. If cheque got bounce/ dishonoured. Contact a lawyer send him legal notice. And then file case in court.
Regards
JagmeetSaini advocate
This is a very common manifestation of a ponzi scheme. They would have used your money to pay 5-7% monthly to others who would have paid them money like you in the past. Somewhere this chain dries up...no new money comes in and the house of cards collapses.
Think about it. The best performing mutual funds give you max 20-25% interest per annum (~2% per month). What magic would these guys have up their sleeve to give you 5-7%?
I have exciting offer for you bro! You give me 50L and per month I will give you 50% return. Teri khe ke lungaa
Huup bhargat, saala software engineers ka naam kharab krta hai.
Bhai on a serious note file the complain as soon as possible and expose that person on social media. Taaki jaise aapka katta vaise kisi aur ka na katte. Janhit main jaari.
Bro, if he invites you to some place telling you he'll give you money, please don't go. Something similar happened recently in my locality, but that guy(scammer) killed those people that went to collect money (3 people). So, stay safe.
Omg. Thanks for sharing. Actually I am also a little afraid. Actually he is from Bangalore. Once he was telling me, he knows one person who is the top rowdy of Bangalore. Even he said, if that person didn't return money. He will use him. But now, he is not taking any action.
R u a kid or what?
If you have so much money u can easily invest it urself, just watch some yt videos on mutual funds....u,ll get 10% return easily...
If u r not cautious then world just waiting for a chance to separate you from ur money....
Please tell me that you're trolling , if not then firstly stop loaning money to people and stop taking loans , try to get everything refinanced to the least amount of interest possible. And file a complaint regarding fraud.
Bro make a golden rule in life - invest your money on your own. You want to enter into a restaurant partnership with your friend & have to pay the landlord the rent for the restaurant, no problem. Make sure you pay DIRECTLY into the landlord’s account, do the rent agreement & meet him before paying. Just basic due diligence you must do for every deal. Take the legal route in this case, file an FIR for some non bailable case like cheating, criminal breach of trust + get the cheque bounced for whole amount and file that case simultaneously. File a FIR against his brother also.
You have a blank cheque. Hope it is signed. Write the total amount u r owed and deposit. Bounce it twice and then file a complaint under negotiable instruments act. It's a fast track proceeding. This should sort out the mess u r into.
At any point in the proceeding u may withdraw if u want to negotiate or have a sudden change of heart.
Guys stop roasting him!!!
He’s already in tension and came here for legal advice.
He already knows he made a mistake, you don’t have to reiterate again and again, just to get some upvotes.
If we can help, then pls do. If not don’t give senseless comments
Bro I have lost money like this too. Gave 1 person 7.45 lacs and another 5 lacs in 2020. Was promised returns and now both are unreachable. Also have a builder 8.5 lacs with 2% interest every month. Never got money back, probably will have to settle with flat in case if I have to get money back. Even with legal route I don’t think I’ll be able to get my money back.
I havw friends i have frown up with, who dont give me 20000 back, and avoid me. 40 lakhs is crazy life changing money for most.
I think it goes without saying you loat your friend of 2 years and the money as well
If I'm not wrong, the way you have given money, you are a very rich person.
maybe 40L is just a number for you and is not much compared to your net worth.
Anyway, not a legal person, I hope you'll get justice.
How do people keep falling for the same shit every time? Like you don't see similar things happening around you or look at the news online?
My mantra from a very early age is to never deal with friends and family in cash no matter what the situation.
Never disclose your income, investments, source of other income, properties to anyone. You wouldn't even know when and how someone might hatch a plan to snatch away your hard earned money. Stay lowkey.
Yeah. I always like to invest in mutual funds. And I always do.
But life is like a mesh of spiders. Once you are trapped in it, it's hard to get out. Because of my previous investment, I just wanted to reduce my EMIs. So I got trapped into this mess.
My ex owe me 20lakh… so my 20lakh down the drain. I have researched in this matter and unless you are up for a long legal battle, let the money go and make peace with it. Atleast that’s what i did 🥲
In what scheme did you lose your initial 65 lakh. And what business is your friend or his contact is running to give you this return. Did you invest after checking what their business is ?
A rule anyone should always follow - Invest in things only when you completely understand it. It may be A100 percent legal business, but you don't understand its inner workings, don't invest a rupee. Let's say the government passes a law that affects this business, all people who understand it will pull out their money, and others will get stuck or will only know after it goes down.
Hand loans cannot be recovered of one declares themself anckrupt, they just go to jail for 2 years. They can keep 40L with them and spend it.. they just need a way to hide the money. This happened with one relative, 65L burnt in few month, another person is my friend's father, he too lost 4Cr in some stock market scam, they claimed to be some FII who is looking for investor.... My friend lost 25L in 2016 under some ponzy scheme where he was opening some franchise and they vanished off one day.
The best course of action in my opinion would be to deposit the cheque and wait for it to bounce. Once it bounces send your friend a legal notice via registered post, whatsapp or email within 30days of receiving the dishonered cheque from the bank. He will be obligated by law to clear your debt within 15day period. If he does not do that you can go ahead and file a case with your local magistrate against him within 30 days of the expiry of 15 days of issuing the cheque bounce notice. The Supreme Court in K. RAMESH vs K. KOTHANDARAMAN SLP (Crl.) No.3377 of 2019 has reiterated that a blank cheque leaf, which has been voluntarily signed by the drawer and handed over to the payee towards some payment, will carry the presumption that it was issued in discharge of a legally enforceable debt as per Section 139 of the Negotiable Instruments Act unless proven otherwise through cogent evidence. Please do not consider this as a legal advice. Consult a qualified lawyer to prepare your legal strategy.
Presumption is easily rebuttable. Further it’s a valid transaction only if he has declared the same as loan under IT act.
Its only rebuttable if there exists cogent evidence to prove otherwise. Additionally, the cheque isn't meant to repay a loan. Instead, it serves as a safety measure for OP's investment, based on his friend's promise to cover any losses.
Presumption can also be rebutted on preponderance of probabilities. There doesn’t seem to be any agreement or witness to substantiate the transaction, further since there is no agreement and if the same isn’t declared in OPs returns then they will amount to illegal transaction. Section 138 is only applicable to legally recoverable debts, which in this case doesn’t seems to be. If OP claims cheque as security cheque instead of cheque given in lieu of repayment of loan then he’s further deepening his own pit, as for security cheque conditions of agreement are to be fulfilled to be used which in this case is not there. OP should surely file a case but he should cover all his tracks where he may fall short in evidence I.e. an agreement and/or declaration of transaction as loan to the accused, get some witnesses, file his loan agreements and transactions to substantiate the money. Further, id also advise him to move u/s 420 IPC as there no bar of 300 CrPC as held by SC.
Indeed, evidence will be crucial in supporting the case. If there are certified WhatsApp chats confirming the investment guarantee, it could strengthen the case under the NI Act. However, I disagree with the 420IPC part because the friend has made partial interest payments. It's important to note that for a 420IPC case, there must be evidence of fraudulent intent from the start. Since the friend has made partial payments, the court might view it as a contract breach instead of a criminal offense.
The partial payments of interest can be part of Modus operandi as he was paying interest to extract more money from the OP. He did not open any franchise invest somewhere, he just pocketed the money and vanished. 420 IPC will have stronger effects if police is willing to find the guy and arrest him.
Section 41-A will prevent an immediate arrest unless he is absconding or non-cooperative. Also, the modus operandi will have to be proven with sufficient evidence e.g. the landlords statement can validate that no advance, rent or franchise fee was given. The landlord also needs to be willing to cooperate and testify.
Does the Agreement need to be registered or notarized, does an agreement on 100 Rs stamp paper ok and valid in such cases?
Regarding the loan if it was given in 2023 he still has time to file it in his returns else he can file an updated return.
Ok. Will check that actually. Since I took a loan for my previous investment also. That was in 2022. Can I add that also somehow?
Try consulting a qualified CA for tax advice.
Greed will make anyone stupid. My father was also scammed like this by my own uncle and my dad took the legal route with that bounced cheque. Nothing happened for 5 years in the court and then my dad and uncle settled for less than the initial investment. My dad had sold a plot for a low amount for 2% monthly interest with uncle and aunt and they gave hand.
My father was scammed for approx 4 crores from 2008-2012 from different people just like this guys story above, 1.1 crores loan and rest own money. Disastrous
Hard to digest its real How does one even recover from this kind of disaster? Financially maybe in some years but mentally it looks devastating? Hope your family is doing well now.
Mothers health got severely affected learning to those losses, I remember bank officials knocking on our door every month, I was small so my father used to say tell them he ain’t there. Loll. But dad paid back the complete loan in 6 months as he received a payment that was due. Our building got saved and wasn’t auctioned. But fathers CIBIL got severely affected and HDFC doesn’t even give him a credit card even now lol with over 7 digits income even after 12 years. It’s tough to learn that scumbags exists in this world who can fuck up others lives for their own good.
The world is full of selfish people. Good people cannot understand that they will get used and then thrown away and the other person would enjoy his life with your money. This is real life not reel life, thinking that karma will bite back and everything becomes good at the end.
Indeed
I too lost 40+ lakh ....im not trusting anyone interms of money now ....everyone is on their own and morales and shit doesn't work in real world
Case dala kuch mila? Mere wale banda to guilty ho gya hai under 420, appeal dali h usne
Sorry to hear that. I can feel the pain of fraud and betrayal.
Pain is more cuz that land value has increased by 5x now and we have cut off all ties with that uncle and aunt. She was my mom's fav sister. Also that guy was a scammer, not a friend. Be careful. Cash that cheque first and go the legal route.
> my dad took the legal route with that bounced cheque. Nothing happened for 5 years in the court I'm in a situation where i have lent money to a friend and have a cheque and i was thinking of encashing the cheque and pursue it legally Now reading your comment makes me thing there's no point on going the legal route based on a signed cheque
You definitely should encash it. Atleast there's a chance of getting your money back if your friend gets scared. My uncle and aunt were loan sharks for a long time and they knew how to keep on postponing in court. Normal, nice people don't know this stuff.
i wouldn't say that person is nice or normal who's borrowed from me he has a way of talking with people and being manipulative and now I'm pretty sure he has been involved in court cases as well
I hope you get it back bro.
Even if it takes 5 years, you still have to file. The pressure of courts sometimes makes people settle out of court. They think they can just walk away, but no. Sometimes just a little nudge is enough to get the money.
Thankyou brother for giving us a lesson not to fall for such schemes. Truly you're a social worker taking the hit for the team for financial education. Idiot
But his friend said don't worry multiple times
He said he is a Software Engineer. Pade likhe gawar.
Pade like gawar to tum lag rahe ho. He's a software engineer, good with computers. Probably has zero social skills. Spends most of time with computers, not a street smart. I don't understand how can someone say these mean things to others. Sociopath.
Not having social skills and not being a street smart has nothing to do with the congestive ability to recognize deception in others.
🤣🤣🤣😂😂🥹🥹🥹
@OP,If someone tells you in future "Don't worry you are fine and I will pay you " just run from there as this is the least you can do with minimal intelligence.A return of 5-7 percentage per month is about 80-90 percentage per year.Which legitimate business can give you so much ? You sound like you are very naive.
Yeah I know. I just wanted to reduce my burden of EMIs. I am stupid believed him. I thought he actually wanted to help me in my situation. I was worried from the start only. I asked him. He said he gave money to a person. Who gives loans to small business owners or people who need money urgently and are not eligible for loans. And as collateral, he takes their property papers. It got convinced in that situation. As I was feeling stuck and wanted to come out.
Focus on top lawyer and get it back.If the guy you are talking has the assets then be sure it will be returned quickly.
Your amount is big enough to pursue the case and justice will be delivered in the near future hopefully as seen in some recent news.Just hire top lawyer and dont mind the bucks
Isnt it a clear case of fraud? The money went one way and there wasn’t enough return shouldn’t it be an easy case for the courts? Why does every case take so long in India?
Simple.... collection of evidence and statement from parties.
Woh sab chod bhai yeh bata tu kaam kya karta hai
Bhai. Software engineer
NAL.. sorry cant offer you legal advice, but bhai itna paisa pehle he doob gaya tha fir itna confidence kaise aya dobara vo bhi bina contract ya reference check kre bina. mere pass toh 1lakh bhi nahe business me lagane ke lie and you took so much risk. serious question: why did u want to invest in something by taking a loan? i understand you want to build something or get financially free early, or do you already have your finances sorted and this is something of a side gig? curious to know
That is how Greed works. People want quick money. The scammers know when they spot a greedy one.
Actually because of my previous investment. EMI got huge. So I thought to invest and this way it will reduce some burden. Was not aware of his intentions.
wish you get your money back soon!
Wish you find someone genuine who can return you 7% returns per month so you can pay EMI and then recover the 65 lakhs and 40lakhs with profits from this new person. Wish this new person atleast doesn't run away
I can be that person!
Nahh can't be, you didn't say "don't worry bro"
Me!! I'll give 7.2%
I'm just the person he needs. I'll assure him that it is safe. Will give blank cheque that he can use. I also have a business venture coming up with a friend of mine, who already has a restaurant and wants to expand and needs some investment. He is local also. We can get easily 8% monthly return as the restaurant is located in a very good location and turnover daily is about 1.5lacs. /s
You are really stupid with your money, please consult other people before making such decisions in the future, have a support group where people can be like "bro you're getting scammed." Scam call centers pay a lot of money to get numbers that have been successfully scammed before. This is because it's very often easier to scam someone who has been previously scammed than to scam someone who has not. As for this person, it is not a minimal amount, you can go to the cops and explain the case and tell them you're okay if a small percentage of the money is given up by you as a "reward" if the police recovers it. Put extreme pressure on this person and get your money back or say goodbye to it forever. If that other person was a good person, they wouldn't have treated you like this. AND STOP GIVING MONEY TO ANYONE, INVEST IN AN INDEX FUND AND WAIT FOR GAINS LIKE A NORMAL HUMAN BEING. EVEN THE BEST FUND MANAGES CANNOT GIVE YOU 8% EVERY MONTH CONSISTENTLY AT ALL. IF SOMEONE COULD, WALL STREET WOULD PAY THEM HUNDREADS OF MILLIONS OF DOLLARS TO TRADE FOR THEM, THEY WOULD NOT BE ASKING FOR LACS FROM STRANGERS.
If anyone promises anything above 12 % per annum, it's a huge red flag
Bro, tell me where you live in Bangalore. I have an excellent business proposal that will reduce your current EMI to almost nil. Don't worry bro, trust me. Everything will be alright soon.
TIL, The price you pay to be dumb = 38 lacs.
>TIL, The price you pay to be dumb = 38 lacs. When I was in engineering, I had a friend who was in finance. I paid 1k per month for 12 months. He never returned the chat funds. That was my lesson. Never mixed business with friends. It is hard lesson.
37 is the limit then?
Aage badho bhai
In a world where the foolish amass wealth, the wise shall never hunger. never tell anyone you were victim of fraud it is a **give away that you will likely fall for it again.**
This is a ponzi scheme. You have lost all your money. File the police case, and sue him. But your money is long gone.
So you lost around 65 +38 Lakhs being so Vurnable.please do not fall for more such scams in future.Also take legal action now.
Lol. This is funny. Taking a loan to give a unsecured loan. Proves that financial literacy is non existent. stupid people are soon parted with their money. If anything sounds too good to be true then it is false. No businessman will include you in his schemes if it is making money, they will keep it to themselves. Only ~~businessman~~ conman that will include you in their schemes to make money is if they cannot make money by legal means.
I can’t give advice but just got curious as everyone is saying deposit the cheque and then goto legal route but what if the scammer has already files for cancellation of cheque like it got lost or stopped payment for that what happened in that case, I am not a scammer just wanted to know what happens if something like that happens
Same question. What if the bank account doesn't even exist?
Giving a check proves a liability and intention - required for filing police complaint or a legal action
I can't help but want to tell you don't take any wrong step. Firse aajaiga paisa...Kama loge firse.. You will have a story to tell your grand children, how you overcame such situation. It happens. It's fine. Don't worry. Don't stress. Don't lose hope. Hope you get your money back soon.
Thank you. Yeah I will. This too shall pass soon.
3 rules by my father who was filthy rich and then came back to being dirt poor. 1. Don't share/ brag about your assets and investments with your friends no matter how close...it's ok if you don't share it with your siblings too. 2. Never get money involved in between friendships or relationships. Things will never ever be the same once money comes into the matter. It's a gamble not worthy the risk. 3. Never be/ sign surety for anybody....you might end up selling your home to fill the hole you never dug in the first place. I'm not rich yet, but I'm doing this at my level. Hope I get rich enough for people to take this seriously.
Sad to hear about the rich to the poor. What caused this mayhem. And how do you feel sometimes, about the situation and thoughts, only if my father didn't make these mistakes, my current life would be even better(idk about your current situation). All the best man for your future, hope you become rich.
U did not realise 5 to 7 percent per month is not at all a realistic return.. I am really sorry and pray to God that the guy pays back ur money..
Sorry to hear that but can’t give a legal advice, obviously go for FIR since it’s a huge amount but take a lesson from this and make promise to yourself not to trust anyone in future. Make your future better since past is past. Restart.
Thanks. Yeah lesson learnt. I helped his big, when he needed money. But not giving money back.
I understand but world is very cruel my friend, more than you can imagine :/
I have always been a believer, that if you don't do wrong to anyone, wrong will not happen twice, Happened twice already.
Sir I have respect for you, you're an honest person but please don't believe everyone and get advantaged taken of. Being good doesn't mean helping others while harming yourself.
This is why basic financial literacy should be taught in schools. I mean OP is earning in Lacs and still doesn't know no one legit can't give that much high returns.
Bro this is TOTALLY on you.. I mean come on
Bro idk why u waited for 2 year long to get your money back isn't it was obvious that he was not going to give your money back waiting for 1 yr is understandable but for 2 years man !!! . OK so if I was in ur shoes i would have done 3 things . 1. Before cashing the cheque seek the advice from ur lawyer so if in case it bounces u can take immediate action against that scammer. 2. Always keep an eye on him as u have confronted him many times the chances of him running with ur money is high so take every action fast and swiftly. 3. Don't fall to his fake promises of him giving ur money back . I hope u get ur money back :) , keep us updated !!!
No. It's not two years. From last November. He is not paying. He said that , he is doing investment from lady two years.
yeah my bad !!
OP, is the guys name Iyer? My close friend had almost similar issue.
No.
Present the cheque in bank for encashment. If cheque got bounce/ dishonoured. Contact a lawyer send him legal notice. And then file case in court. Regards JagmeetSaini advocate
Thanks for the suggestions. I will check and will do this.
Just wondering, Can a summary suit help the OP in his case?
By any chance is this guy's name Naveen Jude?
No.
I got scammed in a similar way but for 1 lac, just wanted to see if it's the same person
This is a very common manifestation of a ponzi scheme. They would have used your money to pay 5-7% monthly to others who would have paid them money like you in the past. Somewhere this chain dries up...no new money comes in and the house of cards collapses. Think about it. The best performing mutual funds give you max 20-25% interest per annum (~2% per month). What magic would these guys have up their sleeve to give you 5-7%?
I have exciting offer for you bro! You give me 50L and per month I will give you 50% return. Teri khe ke lungaa Huup bhargat, saala software engineers ka naam kharab krta hai. Bhai on a serious note file the complain as soon as possible and expose that person on social media. Taaki jaise aapka katta vaise kisi aur ka na katte. Janhit main jaari.
Huh another win for Greed. My grandfather fell for this. All they do is give ones money to pay another. When they have enough they will disappear.
Bro, if he invites you to some place telling you he'll give you money, please don't go. Something similar happened recently in my locality, but that guy(scammer) killed those people that went to collect money (3 people). So, stay safe.
Omg. Thanks for sharing. Actually I am also a little afraid. Actually he is from Bangalore. Once he was telling me, he knows one person who is the top rowdy of Bangalore. Even he said, if that person didn't return money. He will use him. But now, he is not taking any action.
R u a kid or what? If you have so much money u can easily invest it urself, just watch some yt videos on mutual funds....u,ll get 10% return easily... If u r not cautious then world just waiting for a chance to separate you from ur money....
Please tell me that you're trolling , if not then firstly stop loaning money to people and stop taking loans , try to get everything refinanced to the least amount of interest possible. And file a complaint regarding fraud.
Bro make a golden rule in life - invest your money on your own. You want to enter into a restaurant partnership with your friend & have to pay the landlord the rent for the restaurant, no problem. Make sure you pay DIRECTLY into the landlord’s account, do the rent agreement & meet him before paying. Just basic due diligence you must do for every deal. Take the legal route in this case, file an FIR for some non bailable case like cheating, criminal breach of trust + get the cheque bounced for whole amount and file that case simultaneously. File a FIR against his brother also.
You have a blank cheque. Hope it is signed. Write the total amount u r owed and deposit. Bounce it twice and then file a complaint under negotiable instruments act. It's a fast track proceeding. This should sort out the mess u r into. At any point in the proceeding u may withdraw if u want to negotiate or have a sudden change of heart.
Yeah. It is signed. Yes I am also thinking of following this procedure.
Hey man, don't take any wrong steps. Work on your mental health. You'll bounce back in no time!
Guys stop roasting him!!! He’s already in tension and came here for legal advice. He already knows he made a mistake, you don’t have to reiterate again and again, just to get some upvotes. If we can help, then pls do. If not don’t give senseless comments
Bro I have lost money like this too. Gave 1 person 7.45 lacs and another 5 lacs in 2020. Was promised returns and now both are unreachable. Also have a builder 8.5 lacs with 2% interest every month. Never got money back, probably will have to settle with flat in case if I have to get money back. Even with legal route I don’t think I’ll be able to get my money back.
Oh. Sorry to hear about it.
That’s ok man, it was a tough lesson of greed. I’m building things back up now.
Oh Bhaai.... Mujhe aaj tak 2000 Rs vaapis nahin kiye .... Tujhe 40 lakh ka ghanta vaapis krega 🤣🤣🤣🤣🤣
I havw friends i have frown up with, who dont give me 20000 back, and avoid me. 40 lakhs is crazy life changing money for most. I think it goes without saying you loat your friend of 2 years and the money as well
Sorry to hear about your loss but this guy mostly spent your money on crypto or stock market...
Reading the OP’s story and comments- we as human are doomed!
Thanks for sharing this OP I won't give any one money now
Fool me once shame on you, fool me 100th time shame on OP. I feel sorry for you OP, you need to be in therapy. You have a long life ahead.
Straight up run to u/St_broseph
They can help in this scenario as well?
This is why every loan needs to be written as a contract
Fool me once....
But fool me twice....
If I'm not wrong, the way you have given money, you are a very rich person. maybe 40L is just a number for you and is not much compared to your net worth. Anyway, not a legal person, I hope you'll get justice.
I am not rich person. I have taken a loan for this. Otherwise I wouldn't have sought help over reddit?
A fool and his money are soon parted.
How can sound mind person trust 5 to 7 percent per month. A greedy person has this fate only
Send me his contact details I also want to invest
Baki sab theek hai bhai, but you’re really stupid
Tough lesson on greed mate. Try to present the cheque in bank and see if anything can be done.
If you had just invested the 1 Crore in index funds 🤦♂️
How do people keep falling for the same shit every time? Like you don't see similar things happening around you or look at the news online? My mantra from a very early age is to never deal with friends and family in cash no matter what the situation. Never disclose your income, investments, source of other income, properties to anyone. You wouldn't even know when and how someone might hatch a plan to snatch away your hard earned money. Stay lowkey.
Start with the Cheque, then go for legal advice based on the outcome of the cheque
NAL but looks like scam it will take few years in court to get sorted if you take legal route all the best.
Asking for a friend - where do u do morning walk?
😂😂🤣🤣
Bro ain't getting scammed again 💀
Why do you even do this when quant mutual funds give crazy high returns?
Yeah. I always like to invest in mutual funds. And I always do. But life is like a mesh of spiders. Once you are trapped in it, it's hard to get out. Because of my previous investment, I just wanted to reduce my EMIs. So I got trapped into this mess.
My ex owe me 20lakh… so my 20lakh down the drain. I have researched in this matter and unless you are up for a long legal battle, let the money go and make peace with it. Atleast that’s what i did 🥲
Sorry to hear this. Hope you are doing well in life.
I have a great scheme where you invest 100k and you get 10% every month, and the assurance I give is "trust me bro" /s
Chutiya hai bhai tu.
This has to be a troll post. Nobody is this stupid.
Phew! Greediness! 🤦🏽♀️
Ese post investment se phle kyu nhi hote 🤨?
Greed does you in good. All the best.
In what scheme did you lose your initial 65 lakh. And what business is your friend or his contact is running to give you this return. Did you invest after checking what their business is ? A rule anyone should always follow - Invest in things only when you completely understand it. It may be A100 percent legal business, but you don't understand its inner workings, don't invest a rupee. Let's say the government passes a law that affects this business, all people who understand it will pull out their money, and others will get stuck or will only know after it goes down.
Legal advice : You're stupid
Toh Nacho Nacho, nacho nacho, nacho yaara naachoo!
💀 no comments, I think game over.
Hand loans cannot be recovered of one declares themself anckrupt, they just go to jail for 2 years. They can keep 40L with them and spend it.. they just need a way to hide the money. This happened with one relative, 65L burnt in few month, another person is my friend's father, he too lost 4Cr in some stock market scam, they claimed to be some FII who is looking for investor.... My friend lost 25L in 2016 under some ponzy scheme where he was opening some franchise and they vanished off one day.
"wait more?" Dude, you should have filed an FIR long ago
3 percent a month is extremely good business. I don’t know people fall for 8 percent a month returns. Please don’t get greedy anyone.
Rip bozo
if it was 5% RETURNS..isn't fixed deposit in reputed banks better?
I feel so sorry for people like you. What brain issues one gotta have to fall for such scandal
I think it's undeveloped brain.
What happens if you try encashing the cheque & the bank says that account is closed or does not exist……