Hi lawyers, So it all started November 2021, i met my cousin brother after 17 years our families were not close but it changed. i met him and he started to come home every other day, what I used to do was to invest money in crypto markets with very small amounts that were helping me help my family financially and thrive.. after 4-5 months of understanding how everything works he decided to ask me to invest on his behalf cuz they were struggling financially because of an event which happened to them during that time(their house got raided for some reason) he insisted that I should help him and naturally I’ll make some extra off of that too cause I was gonna do the work for him. I was using my mothers savings account without fully her knowledge of my work before him cause it was usually money that wasn’t a very huge amount and I was 17 so not able to use my own account cause I didn’t have any but I was filing taxes on behalf of her and I have all the documents regarding that. So, We agreed and from April-July he brought in funds of around 60Lakhs some of it he transferred to the account via IMPS and some he brought in Cash and used to directly deposit in my accounts via ATM machines and some he sent to his friends and then his friends transferred to me and also made his friends invest some from their pockets because i didn’t know any of them before. Now the amount came in chunks of 5-7lakhs over the period of April-Early July; after the 5-7lakhs he wanted to oversee how everything is going so he decided to move to a different city, me him and his friend, we all moved to a flat in a new city where I used to work and manage everything and he traveled with me to places and I was paying for the hotels, tickets and every expense was paid by me. He kept on bringing money all over the months seeing that everything was going good and we were in profits on paper, so he kept on asking me to put it in and I paid him around 25-27lakhs back to him and his friends but then the rest of everything crashed the markets tanked in Early August and I didn’t have anything to return him back. So in September he brought me back to our home city kept me in their house locked up for 3 months all they wanted was for me to work and somehow make the lost money back, but I wasn’t able to! Early December, i overheard them threatening to do harm to me I messaged police to help me and police came and they took me out home. I am paying them back since February in small amounts, I paid them 7Lakhs more out of the 40Lakhs I owe them. I am ready to pay them back the rest too in some months but they are threatening to file some false case on me and my mother they want double of what I owe them. All I want to know is if there is a way they can falsely accuse me of something just cause I cant pay them back in once? And if they take it to court, am I wrong here? what should i be worried of? and will the court allow me some months to pay them back in small sums? Thanks for your time.
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Court would grant you time to make payment
the fact that you have repaid substantial sone of money prices your bonafide
3) if they have kept you under lock and key for 3 months and threatening you file case against st tjen u der section 504,506 of IPC for acts endangering peace and criminal intimidation
4) you do nt have to repay double the amount
- Since he has given the said amount for investing in the crypto markets , it means he was aware about the fluctuations of the market before handing over the said amount to you.
- Further, as you are not a broker , then he cannot blame you for the profit /loss in the investment , and hence he is also accountable for the said losses as well.
- Further, as he has credited the amount in your account as well, then also he cannot take plea that this amount was given to you as friendly loan in the absence of any agreement between both the parties.
- Hence, if he is threatening , then you can file a compliant against him before the police and higher official
- Further, even he cannot recover the amount in the absence of any written agreement
In this issue they can’t legally file any case in you but if any false case is filed you contest it
Actually if they approach court for recovery, it will be safe for you because they cannot keep threatening you for this once they have filed the case in court.
You don't be scared about their threats or pressures, you can also issue threats stating that they are intimidating you as well as threatening you with dire consequences, hence they would become liable for the criminal offences.
If the matter comes before court, they have to prove their lending and the reasons for sending the money to you.
In the absence of any reason or evidence for lending the money, they will not be able to file a money recovery suit too.
Dear client
I'm sorry to hear about your situation. It's important to understand that it is never okay for someone to threaten or harm another person in order to collect money that is owed to them. That being said, if you owe someone money, it's important to try to pay them back as soon as possible and in a way that is agreed upon by both parties.
Regarding your question about false accusations, it's possible for someone to make false accusations against you, but it's up to the court to determine whether or not those accusations have any merit. If your cousin brother and his friends do decide to take legal action against you, it will be important for you to have evidence of the agreement between you and your cousin, as well as documentation of any payments made or owed.
In terms of the court allowing you time to pay back the money, this will depend on the specific circumstances of the case and the judge's decision. However, it is generally possible to negotiate a payment plan with the other party and/or their lawyers in order to avoid legal action.
It's important to consult with a lawyer who can provide you with legal advice specific to your case. They can help you understand your rights and options, and can also represent you in court if necessary.
