• Money recovery from Ponzi Scheme

A scamster group run in the names of "Davis Card" and "Dreamland" had conspired to get my late father to invest over 40 Lacs in some fraudulent schemes naming 6 years back, for which they were arrested 4 years ago as per the Press Release below. 

All the money was paid via multiple cheques from one of our family's accounts (mine, father's or mother's) and we only found about it after they were arrested.

If you've come across such cases in the past, please let me know if there's any recovery possible and what are the possible options.

Press Release
http://www.uniindia.com/cheating-racket-of-insurance-bonus-fraud-busted/india/news/575693.html
Asked 3 years ago in Criminal Law
Religion: Hindu

2 answers received in 1 hour.

Lawyers are available now to answer your questions.

7 Answers

you may first register a complaint against the fraudster company with the economic offences wing police of your district. 

If there already exists any complaint against them, then your name will also be included in the list of complainants.

Since they have committed fraud and there is a police case also registered against their names, it may not be possible for you to file a recovery suit to recover your money through civil court.  

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

You have to file police complaint against the fraudster for cheating , criminal breach of trust under section 406, 420 of IPC 

 

File civil suit to recover the dues with interest 

Ajay Sethi
Advocate, Mumbai
94518 Answers
7485 Consultations

5.0 on 5.0

Litigation is long drawn process 

 

if they have assets it would be attached and sold to repay depositors 

 

it would take around 10 years or so for disposal 

Ajay Sethi
Advocate, Mumbai
94518 Answers
7485 Consultations

5.0 on 5.0

Only if goods are involved there is some possibility of recovery as every single item of good has some unique features. There is no distinguishing features for cash hence recovery is not possible. First and second question raise same issue and stood answered. 

Ravi Shinde
Advocate, Hyderabad
4041 Answers
42 Consultations

5.0 on 5.0

- You should lodge FIR against him even there is already complaint against him , and he arrested for the same offences. 

- Further as you have paid the amounts by cheques etc ,i.e. having proof of payment to him , then on that evidences you can file a Recovery suit against him as well for the recovery of entire amount .

- Even they are behind the bar , then also you amount can be recovered by the court after attachment their property etc. 

- This will not take enough time to get the order from the court. 

Mohammed Shahzad
Advocate, Delhi
13095 Answers
195 Consultations

5.0 on 5.0

Dear sir,

 

In such cases, the assets of the fraudster are sold and the cash obtained is distributed among the depositors. However, this takes a lot of time and involves a lot of procedure. Also note that many people like your father have acquired losses so it will take considerable amount of time to repay each and everyone. Thank you.

Anik Miu
Advocate, Bangalore
8742 Answers
109 Consultations

4.7 on 5.0

If your name is also appearing in the list of the complainants, then you will be benefited by the court's decision to distribute the money recovered from him to the aggrieved depositors, provided the case has not been disposed  yet or the police are yet to file  charge sheet.

There is no time limit for recovery because it will take a very longer time to recover the money in parts. 

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

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