I had incested money with my friend as he is my friend and we know each other from more then 10 years.as he was doing business of accepting money from people in the market and use to give them fixed returns on monthly basis as he use to further invest in share market and make hand some profits.he made agreement with most of the party from whom he accepted money..but i being a close friend he told me not to make any agreement and on verbal basis i invested huge amount with him.i gave him major amount from time to time since april 2007.and he also gave me the returns on the invested amt till december 2008.after december he started avoding me and every one..and when i asked him abt my capital amount which i invested with him since april 2007..he took the step stating that i have returned mojor funds to you..actually which he has given me as a profit every month..to all the people he is taking the sam estep and the total amt he has taken from market is tentative more then 3 crores..after demanding money from him being friend he issued me cheques of my total amount in the month of april 2009.he gave me post dated cheques of may 2009 and told me to deposit the same..but all my cheque got bounced when i deposited and returned stating insufficient funds.then i tried to contact him but he avoided me everytime..then i had no option to serve him legal notice under 138 act.but he replied me that he does not owe and money to me on the contradary i only am liable to pay him his dues..actually he prepared the statement and also calculated all the amount which he has given me as a profit every month..that money also he has shown in repayment of my capital..thus i have filled the case against him..
sir i am really in a problem as my hude amount is being blocked and am facing real problem as had borrowred the money from financial institutes..now am unable to match the day to day expenses as well..
please guide me what step should i take as in friend ship i didnt see any thing and just kept the blank faith..please help me to solve my problem please.
2 Answers from Attorneys
You may pursue your remedy u/s 138.
In addition to cheque dishonour case, you may also file for cheating.
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