• Duped of money in the name of investment

Hi, I was approached by an ex colleague for investment in his company in return for stock options that he promised would appreciate rapidly. Made me transfer funds to a bank account. But now it is over 11 months and even after umpteen follow ups, I have not even received a receipt. This colleague himself has moved on to another company and I am now certain that I will never see my hard earned money again. 

Is there any hope for me?
Asked 2 years ago in Civil Law from Pune, Maharashtra
1) do you have any email or letter from
Your colleague wherein he promised to give yiu stock options in return of money advanced by you ? 

2) you can file complaint of cheating and criminal breach of trust against your colleague 

3) your friend may arrive at an out of court settlement with you once you file police complaint 
Ajay Sethi
Advocate, Mumbai
45520 Answers
2675 Consultations

5.0 on 5.0

1) you have to approach local police station in this regard for filing police complaint 

2) enclose copy of emails exchanged with  accused 

3) proof of transfer of funds made to accused account 

4) of police refuse to lodge compliant file complaint before magistrate under section 156(3) to direct cops to investigate and submit report 
Ajay Sethi
Advocate, Mumbai
45520 Answers
2675 Consultations

5.0 on 5.0

Have you ever asked about the receipt of transaction to your ex colleague? What was his answer? Check the account is company account or colleagues account.

You have to options.
1. Ask about the receipt to ex colleague 
2.If his words are not satisfied, file a police complaint against him criminal breach of trust and cheating .Attach the copy of the proof of transfer of funds along with petition.
Ajay N S
Advocate, Ernakulam
2767 Answers
47 Consultations

5.0 on 5.0

you may issue a legal notice to him and claim your money back if he is not ready to make the payment within notice  period then you may file a civil suit for recovery of your money before civil court.

Feel Free to Call
Nadeem Qureshi
Advocate, New Delhi
4856 Answers
221 Consultations

4.9 on 5.0

You should file a criminal complaint for cheating against him which will result in his criminal prosecution. A lawsuit for recovery of money due to breach of trust should also be filed against him. The bank transfer details are ordinarily sufficient to prove the remittance.
Ashish Davessar
Advocate, Jaipur
22977 Answers
634 Consultations

5.0 on 5.0

1. You said it was 'his company' where he made you to invest. In what capacity he worked the said company?,

2. Was/is it a public limited Company? Were you allotted its stock after your investment therein?

3. How was your said investment treated by the Company, allotment of share of fixed deposit or loan? What instrument/document have you received  from the said company after receiving your said investment?

4. Was your said ex-colleague an employee of the said company which he has left now?

5. Without knowing the above details, it is difficult to advice since steps will vary in each of the above conditions/cases.
Krishna Kishore Ganguly
Advocate, Kolkata
18493 Answers
448 Consultations

5.0 on 5.0

1. If you have not yet got the allotment of stock of the said company as assured, you can file a cheating case against your ex-colleague and the company,

2. You can also file a recovery suit against the company claiming refund of the invested amount with interest, damage and cost.
Krishna Kishore Ganguly
Advocate, Kolkata
18493 Answers
448 Consultations

5.0 on 5.0

Dear Sir, you have every right to get your hard earned money, as per your query you have all the good documents to prove your case, before going to file the civil suit for recovery of money against your friend/accused, you have to issued a legal notice to him to demand for repayment of the said amount to you, it is mandatory in due course of law,  if he has failed to do so, you have to file the civil suit for recovery of money against him before the jurisdictional civil court. If you want my legal service for issuing a notice I will do it.
C. V. Jadhav
Advocate, Bangalore
380 Answers
15 Consultations

4.5 on 5.0

There is no guarantee for return of investments for the investments made in stock market/options. 
If the friend accepted the money on his personal capacity and the money was transferred to his personal bank account, you can issue a legal demand notice to him advising him to return the money he procured from you.
Let him give a reply and commit himself after which you can plan to file a money recovery suit  utilising the circumstances. 
Consult a good lawyer in person and take his assistance and advises on all such further issues. 
T Kalaiselvan
Advocate, Vellore
35693 Answers
387 Consultations

5.0 on 5.0

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