I had invested Amount with MSS TRADING Which now looks like a Money Circulation and Ponzi Scheme I had invested RS 150000/- with a return of RS. 20000/- per month Then after a few months I invested RS. 225000/- with a return of Rs. 80000/- per month. The investment paid to him , was to be used for trading in the BANK NIFTY FUTURES TRADING ON INTRADAY BASIS through his OWN CREATED SOFTWARE called the MSS TRADING SYSTEM which is a totally fraudulent statement. His Modus Operandi was to lure HNI customers with promises of Fixed return by trading in the stock market , which he guaranteed by giving us cheques of the amount to be received . In reality , he just used new investors Deposits to pay the existing investors which is just the mode of another Ponzi Scheme. He had issued me cheques for the entire period and I've enchased most of them but I have 3 lakhs of expired cheques with me. On demanding my payment the proprietor has declined telling me that I have began threatening him so he has frozen my account and trying to extort more money from me to revive the account I had sent him legal notices through my advocate to which he has denied everything. The total amount pending due till date is around RS. 376000/- I need the properitor of the company to go to jail for cheating me in this Ponzi scheme and to liquidate his assets and settle my dues. I Have filed a Complaint with Economic Offences Cell but the response is slow Kindly help me with the best recourse available
First answer received in 30 minutes.
Lawyers are available now to answer your questions.
1. File a case before the NCLT under Insolvency Code wherein the you are entitled to get your money back in default of which the Tribunal can direct the defaulter can tp repay you or declare it as insolvent.
2. if you do not choose this mode of legal remedy then you can file a case before the consumer forum.
3 in the alternative file criminal case of cheating as well.
1.You can file complaint u/s 406,420 of ipc.
2.you can also file a case before district consumer forum.
3.consult local lawyer.
Yes you can do so if you need assistance in drafting the said complaint then you can contact me through kaanoon
since you have already filed police complaint under section 406, 420 of IPC you need to wait for investigations to be completed and charge sheet filed
if there is no progress for a year or so file writ in HC to direct police to complete investigations within stipulated period
you are on the right track by making a complaint to the economic cell,
you can meet/contact higher officials of the police department to expedite the matter or make an application under RTI act demanding a copy of action taken report on your complaint,
Dear sir,
The recourse for you at this moment is to file a criminal complaint on the ground of cheating. either through a police complaint or a complaint to the magistrate.Another recourse for you is to file a complaint under section 138 Negotiable instruments act and by this you can recover the double the amount of the cheques as a compensation.
For further action you can contact me. This seems to be a prima facie case and will be clear after consultation.
Hope that this solves your query.
YUGANSHU SHARMA
ADVOCATE
Amount is low, no jurisdiction of EOC, better file FIR.
Hello,
If you have filed the complaint then the appropriate action will be taken. Do not worry.
Please consult with your advocate if you can still file the case of dishonor of the cheque that are lying with you.
You are already going in the right direction. The investigation will take time and I hope that you will get all your dues.
Regards
Dear sir
Now you should approach SP of your area with the copy of complaint filed by you to Economic cell and request him to look into the matter and get some results for you.
And you can also file FIR against him under section 406/409/420 IPC. For doing fraud with you and criminal breach of trust
You have already filed a complaint with the economic offences wing police for relief and remedy.
The process of that higher police office will be slow however it will be more effective than the regular police.
If you feel that their process is very slow and there is an inordinate delay i this you may approach high court with a writ petition for a direction to the concerned police for a speedy action.
