Legal Question in Banking Law in India

Sir,
I have taken 50000 from one person say x and given him 10 chq and told to deposit monthly in my ac for rs 6000 monthly. But instead he deposited 27500 chq in to my ac with some other persons name say y. It got cleared. When I questioned him regarding this he told that it is by mistake and he will deposit next chq after 4 months. But again next month he deposited 27500 chq with same persons name it also got cleared. But after this when I talked to him he told that his friend had deposited it. I am not knowing his friend. So I made stop payments for balance chq as I have already paid 50000 to him.
Now he has deposited 200000 rs chq which got bounced due to stop payments. He has sent me the legal notice in the name of his friend. Also all the matter between us was orally done and no papers are there to assert his claim. So what should I do.

Asked on 6/30/16, 9:59 pm

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01.07.2016

Dear Sir / Madam,

Police intervention and action to amicably resolve the matter is advisable and recommended.

Regards,

Answered on 7/01/16, 3:46 am

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1) Better to settle the issue amicably with him.

2) It is the very usual procedure the money lenders adopt.

Answered on 7/02/16, 3:17 am

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