Ways to recover my principal amount and interest from a friend
13-Sep-2023 (In Civil Law)
I have given 1 lakh rupee to one of my frnd through net banking 1year ago and he has promised me that he will use it in bzness and will give me 2 lakh but till now he has returned only 50000 and now he is not returning remaining amount.since I have only passbook print as proof So can I file civil suit against him just on d basis of my bank pasbok entry or not . U can say he is running chit fund cmpny becoz he is taking money from people and promising them that he will double it in a year and he is jst circulating money between the people by taking money from them and returning their own money in installment by telling that it is their interest. Now when I m asking to give back my remaining 50000 principle amount plus 1 lakh interest then he is threatening by saying that giving money to sumone to get more interest is also illegal so if u will fill case against me you also will be in trouble.not what should I do to get back my remaining principle amt plus interest..
Talk with him again to pay your amount and take all his conversation between you both as evidence either in written on messages or record his voice r take video face to face on it and after consult with legal person.
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Yes ! you can file a case against him. Government is taking action against such thugs so please don't hesitate to report the same. You gave the money as a loan to be returned within a stipulated time I suppose with interest . Report the same and the law would take its course. And its not illegal on your part as you may be doing it as an extraordinary activity and technically its called as Peer to Peer lending. In India it is still a very nascent stage but abroad people trust this more than traditional financial institutions. If its your business then you need to register as a lender but as an extraordinary activity as an investment its not anything for you to worry about.
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