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cheque bounce where we have bond paper signed by the party
26-Sep-2023 (In Cheque Bounce Law)
One of my friend gave money to another friend for business the sum amount is 8.5lakhs and for another guy 7 lakhs totally 15.5 lakhs out standing for a genuine interest of 2 % he gave it in the month of November 2014 and one amount on 2015 March they said they will return the money after 6 months till date they haven't returned any money and now they had given a complaint in one of the police station stating that we are asking for meter interest we have the bond paper of both the party singned and one latest cheque for 2 lakhs which has got bounced on 24 the of this month pls advise
Your friend has clearly been cheated. As a first course of action you must file your own version of events with the police by way of a complaint. I doubt that they have registered an FIR on the complaint against your friend and the police will in all probability treat it as a private complaint.
Now coming to the recovery of the money, you need to send them a demand notice within 30 days of the cheque having bounced. If they don't return the amount within 15 days then you can file a cheque bounce case which is very effective as the penalty on conviction is twice the cheque amount.
Further, since you have the loan written on a signed document, you could also file a suit for recovery. However, a suit takes longer than a cheque bounce case to proceed and can cost more as well. Hope this helps.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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