cheque bounce where we have bond paper signed by the party

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

Answers (1)

175 votes

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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