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What to do if broker is not returning money and is not traceable
21-Mar-2023 (In Criminal Law)
Hi, i have a small company in Hyderabad. One person met me saying that he can connect a good IT projects if I can invest small amount of money rest can be payable based in monthly billing once i receive the payments from US clients, by trusting him i have transferred 7+1Lacs(7 lacs to Calcutta based company and 1Lac for this personnel account, after 1 month we came to know that they just used us for money and their is no such project is available from USA. then we have demanded back our money from Calcutta based company because of our rigorous follow ups they have returned 7lacs to our accounts and remaining this broker who has connected us to them is not responding to our calls and messages, we tried to locate his house as per bank records, but he has shifted from that location 3year back itself, finally we have approached police for justice to locate him, he was harsh on them and saying this falls on civil issue and nothing to do with police. since 6months he is making us fool.
Hi
Your case comes under criminal procedure code only and not civil suit given that he has taken the money by citing fraudulent reasons.
420 ipc(cheating) and 405 (Criminal Breach of trust) will squarely apply to your case.
Please file a written complaint to the Police by citing evidences of funds transfer by you to the broker, calcutta company and the refund made by calcutta company. Police is duty bound to investigate and arrest the accused on above sections of IPC and initiate criminal proceedings against the accused.
Your case comes under criminal procedure code only and not civil suit given that he has taken the money by citing fraudulent reasons.
420 ipc(cheating) and 405 (Criminal Breach of trust) will squarely apply to your case.
Please file a written complaint to the Police by citing evidences of funds transfer by you to the broker, calcutta company and the refund made by calcutta company. Police is duty bound to investigate and arrest the accused on above sections of IPC and initiate criminal proceedings against the accused.
Helpful?
45+
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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you can file a criminal case with your local magistrate under section 190 crpc for the offence committed by him under section 420 of IPC and so please see if you still got limitation of one year you can register the case and get warrant against him
Helpful?
41+
41+
Adv. Innamuri Balasubramanyam
Rajahmundry | 500+ Answers
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