Money recovery options
Hi, I have given amount of 35L to known person by executing the bond on his name, witness by his father. The content of the bond mentioning he brought the money for his personal reason and repay in 30 days, after that 2% of interest till he pay off the full amount. Also, asked to provide cheque after 30 days incase of failure of repayment.
The person didn't returned money after 30 days, as well not given cheque, but he paid 2% of interest for 8 months correctly. After multiple follow-up of re-paying principal amount and cheque, he sent me a legal notice saying that
1. He having loss in his business so he can't pay now
2. The bond papers were executed with help of rowdy force to get signature from him as well from his father
3. Also mentioning that, i have cheated him on his business execution by giving wrong directions which is completely wrong. I don't even know what business he is did.
I have filed a complaint in Commissioner office for money cheating case, there is no action for the past 2 months. After multiple follow-up it's transferred to local police station due to value of the amount is not handled in CCB team.
I have the voice recordings from his parents saying about
1. Returning money as soon as possible
2. Legal notice sent just for buying time to repay the money
3. Negotiated re-pay monthly 2L during their house visit to check when can return the money. But, this negotiation not followed, now they are asking go to court for settlement.
Kindly suggest how to proceed on this ? how much time it will take for various process on recovery.
Note: The person already involved in other robbery cases.