Money Recovery from Absconding Person
15-Aug-2023 (In Recovery Law)
I gave a loan of 3.5 lakhs to my office colleague. There is no paperwork for this transaction apart from my bank statement. I had transferred money from my account to his account. He was a good friend and we worked together for 4 years in the same office. I took a loan from a bank to give him this money and he promised to pay me EMI's every month. Apart from this, I'm also a guarantee for a separate personal loan of 5 lakhs that he took on his own name. This person is now absconding. His family has filed a Missing complaint in police station. What should I do in order to recover the money? The police say they cannot file any Fraud complaint from me as this is a Civil Matter and I had given him money in good faith.
Respected Client
As per your query you have given cash to your friend in good faith and if you have transfer of that cash record you can file suit for recovery of your amount. Prior to this you have to sent him legal notice to that concern person though Advocate
For more detail you can ask me.
Thanks you
Adv Sachin V Kuptekar
As per your query you have given cash to your friend in good faith and if you have transfer of that cash record you can file suit for recovery of your amount. Prior to this you have to sent him legal notice to that concern person though Advocate
For more detail you can ask me.
Thanks you
Adv Sachin V Kuptekar
You can file a civil summary suit to recover your money. You should immediately file a civil suit as a period of limitation to file a civil suit is of 3 years. Kindly book a consultancy call for more detailed advice.
you need to file recovery suit in civil court... So far as lodging complaint of fraud the police authority has rightly said that it is a civil dispute hence better you file money recovery suit in the civil court.
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