How to recover money lent to a friend.
Sir, A friend of mine and his wife running a small scale unit borrowed money from me saying the amount is required for business purposes and also for medical treatment of his mother and kid. I helped them with an amount of Rs. 9.5 lakhs over a period of two years. I took a personal loan of Rs. 5 lakhs in 2013 from SBM and Rs. 1.25 lakhs from HDFC in Jan 2016. The rest I borrowed from other friends of mine to help them periodically.
I believed the couple and helped them with good intentions. Now I understand that they have cheated even Syndicate Bank by not paying against the business loan which they have taken ( in wife's name) and have sold all the machinery and vacated the house and shifted to a different place.
They kept promising me that they will repay but they have not till now. They are not answering the calls, and has changed the number. They are is also not answering emails. Inquiries made over last ten months reveal that they have borrowed from more than fifteen other individuals ranging from 50,000 to 2,00,000 with false promises and fled.
None of the people, including me, who lent money have any evidence like promissory note, cheques or others to prove that the money was given to them as loan.
In this scenario, please advise the chances of recovering my hard earned money lent to them. I badly need the same for my parents' health treament and also to give back to the people from whom I borrowed. Is there any legal option which I can explore. What are the procedures involved? Kindly advice.
Thanks and Regards