A friend of mine, Aniketh Singh, convinced me to invest in his company in 2012. I was in the UK so I transferred INR 3 million into his account. He had promised to give me 25% of the revenue of his business and return my money after 5 years. We used to chat over Whatsapps and phone. Being a doctor, I did not ask for a contract and trusted Aniketh since we had worked together for a few years. Initially, he would send some business reports in an Excel sheet. From April 2013, that stopped. I found that he was facing some family problems and did not push Aniketh. In December 2013, I picked up the thread and asked him about the business. He said he had got a job and was shutting the business down. I asked for my money back. He said he will give me the complete money back in a few months. Since then, I have been asking him for my money and he has been saying that he needs some more time. Is there anything that I can legally do to recover my money?

Expert Advice

Yours is a very peculiar situation and based on what you have stated there was never a proper agreement between the two of you. Copies of the communication over WhatsApp and Facebook can be submitted as evidence but doesn’t hold the same value as a duly executed agreement. In my opinion the best course of action for you is have a legal notice served upon your friend for recovery of money as it is the logical first step and does not cost much. The amount of cost and efforts involved in suing him in a court of law might not be entirely justified considering that there are no concrete terms of investment. An amicable mode of settlement would be the optimal solution considering the facts of the case.

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