Employment & Service

Help with recovering my investments

An ex-office friend of mine, Avinash Singh, convinced me to invest in his company in 2013. I was in the US so I transferred INR 2 million into his account. He had promised to give me 25% of the revenue of his business and return my money after 4 years. We used to chat over Whatsapp and Facebook. Being a IT person, I did not ask for a contract and trusted Avinash since we had worked together for a few years. Initially, he would send some business reports in an Excel sheet. From April 2014, that stopped. I found that he was facing some family problems and did not push Avinash. In December 2014, 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

Since your friend has taken job, chance of getting your money back are remote. You are already delayed by two years, therefore without any delay initiate legal action against him. Firstly get legal notice issued claiming return of entire amount and then proceed to file civil suit. He will ask for further time, but do not believe him, otherwise you will miss limitation to file suit. See if he has any property in his name, immediately file case for recovery and get it attached.

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