What legal options available for property fraud?
I had invested in a real estate buy-back scheme with a builder/developer company, who has their registered office in Mumbai. The property itself is in Pune region. I had made an investment of Rs.13.62 lacs in Nov 2010. The Developer company had entered into a Buy-Back agreement with a 38.5% as return on investment in 18 months. Hence I was also given a PDC of Rs.18.86 lacs dated May 2012. However, in May 2012 the company requested me to wait for few more months with a promise that they will pay interest amount for the overdue months. But I was compelled to deposit the cheque in Aug 2012 due to the risk of its expiry date. The company was aware of that but the cheque was not honored.
After several discussions with the company, they issued me with a fresh set of 7 PDCs dated from Jun to Dec 2013 (totaling to an amount of Rs.20 lacs in leu of the original amount + the interest amount for the period of May 2012 till Jun 2013). This time again the cheques were not paid-out as the company has made 'Stop Payment' on all these cheques. Although I am aware that the cheques are not paid out, I still deposit them so that I have bank's official entries.
Apart from the agreement and un-deposited (Nov and Dec 2013 dated) cheques, I have additional proofs of ~200 SMS messages and few email conversations going strongly in my favor. Furthermore, I have also compiled a list of similar nature fraud that the company has done in the past and how they have settled paying to an investor in one such case.
I appreciate to have your legal opinion for next steps in ensuring that my hard earned money is returned by the company.
Asked in Property Law from Bangalore, Karnataka
Sir, fist you have to issue legal notice against the company for dishonoring of cheque, i wanted to know from your side when cheque was dishonored based on that you can proceed........after issuing notice you can file complaint before the court.
Since 'stop payment' was issued you should issue a lawyer's notice to company. If even after notice being issued the amount is not repaid then immediately move to court and file a case for prosecuting the company.