Hi I am based out of Visakhapatnam , Andhra Pradesh. I came in touch with a person online and I have invested Rs Ten Lakh(10,00,000) in a Investment Management Company of him called "Revtrade" based in Haldia(WestBengal). The company policy is to return 6-8% i.e 60000 to 80000 per month by investing in stock market irrespective of the performance. I later came to know that this is not even a company. This is not registered and this is plain fraud. I have never met them in person. I came to know of this person on Facebook and he has talked to him post that. I take the blame in believing and luring me into the deal. That's a mistake on my part which I regret. I have transferred the money via NEFT to the account and I also have an acknowledgment from them through email. He has paid 80000 for 3 months. From then not only they stopped paying the returns every month. Now that I have asked my premium back - they are not returning it. It's been already more than 2 years 6 months now and still no response from him. I have audio recordings, whatsapp chats , emails confirming to the same. He has done this to many people in Haldia too. He got arrested and stayed in jail for 6 months last year and released on bail. That case is still running too. I have a copy of that FIR as well. What would be the best way to go forward? Go to Haldia - Register a case with local police? With this current situation of COVID - looks like traveling is not possible. I tried to give a complaint in my hometown but the police are making me roam saying its a cyber case and not registering an FIR. On what accounts can we file a case? What is the best way for me to get my money back?
Well, this was most unwise thing to do without even checking they have got a SEBI registration to do this type of business.
This is a Ponzi scheme which was replete with in various parts of WB.
There are many cases pending in high court after clubbing those together and the direction of high court is already in place to give refund.
So if you share the details proceeding can be initiated to get back your money.
Travelling to WB is a secondary part.
You have to file suit to recover your money with interest
2) If police refuse to lodge FIR file private complaint before magistrate under section 156(3) to direct police to investigate and submit report
You can make online written complaint or directly file fraud case against him.
You can approach the cyber police with a complaint for this white collar white crime.
It would be better that you give a complaint in the place where he is reported to operate.
You should have thought over the small fact that will it be possible for anyone to give 72% as return of investment.
Now a days even the banks find it difficult to pay 5%p.a. to its customers
They lured you to this and utilized your greediness to cheat and deceive you.
Legally you can give only complaint to police, but you may not be able to recover your money from the sharks like this.
For an effective result you may better lodge complaint to the economic offences of Haldia district.
- Many company /developers promise for assured returns on their real estate projects, offering hefty returns, and such offerings /advertisements lure the gullible innocent public to invest their money in their projects under the name of different schemes.
- The Securities and Exchange Board of India (SEBI) has declared such Assured Returns, as illegal Ponzi schemes, and further warns consumers against investing their money where assured returns are promised or unrealistic returns are offered.
- The government of India also has approved a proposal for the amendments to the Banning of Unregulated Deposit Schemes Bill, 2018.
- Hence,you can lodge a compliant before the police and SEBI as well.
- Police is bond to transfer the said complaint before the Cyber crime cell legally.
- Further , as you have already proof of payments , then you can approach the court for getting refund of your invested amount.
Get yourself a lawyer there where you are living then go to police station register an FIR you have to go to cyber crime branch too as this is there issue too. Talk to them and police and ask them to contact Haldia police station as well.
File case against that person through your lawyer. In this situation lawyer will do that online so you don't have to travel anywhere.
Yes FIR is a good remedy. If there is a state special law for protection of investors then file the said complaint under that law. You can also send complaint through post in covid times
I have a quick question on this : There are almost 10 people in the same boat as me. Would it help if we file a single case or does it help us filing separately. We currently have contact of all 10 members and all of them are on the same page regarding next action. What would be better as a group to do? Also can we send a courier of the complaint to the Haldia police station for filing the case. There is also an option of filing the cyber crime case online What would be the best approach currently?
You have to file separate civil cases to recover your money with interest
for criminal case you can jointly file complaint with the police station
It is advisable that all the victims file the complaint/cases separately but together.
Each individual's case is different, i.e., the amount and cause of action, hence better file it individually.
Sending the complaint by courier or filing online complai9nt may not be very effective until and unless you personally follow up the case.
If you are not very serious about your complaint or to recover the money, you can do as you desire.
File a complaint for cheating to police. In order to recover your money file a case for recovery against company.
It's better you all get together and file FIR or criminal complaint through advocate. If there are any special investors protection laws you can use the same for seeking justice
If your problems are connected to one person/company you can file it together in one case and put everything in your petition so it will save your time and money too but the issue regarding the same person/company must be same.
You can courier but it's better if you go through some advocate or atleast one person personally present before police for complaint. If you are sending copy via courier then keep that reciept and extra copy of complaint with you.
If you have any lawyer there then file case in cyber.