Legal Question in Credit and Debt Law in India

Sir,

I had given blank checks to the my Friend against 2,50,000/- INR loan without interest, but for a profit and loss sharing in Fuel Saver Company's Distributorship for Delhi (NCR) in 2008-9, without any legal or written document with him.

In 2009 that Company was closed and I faced losses (9Lacs) for non payment of Inventory, Printing and Packaging costs from the Company (which is still due).

FACTS TILL NOW:

1. Friend of Mine refused to bear share in losses.

2. I had paid more than the amount in cash and with bank transactions, directly to him and his friends (whoever he told me to pay).

3. Cash Transactions more than 3-4 Lacs (but no receipt or proof of that with me)

4. Net-banking Transactions (Proof of 5,95,200/- to him and his friends are with me, only for last 1.5 years (It will be more than 8-10 Lacs if i check past years))

PROBLEM AREA:

1. He is demanding 10 Lacs (with Interest) now, which was settled to 5 Lacs (and 15,000/- per month payment (which he's saying is interest only and my 5 Lacs is still standing))

2. Since he have my blank checks, so he furnished check of 7,70,000/- on his Mothers Name (Senior Citizen (65 years)) to my account, which got Bounces (on 3rd Sep, 2016).

3. Now he's saying (Nov 1, 2016) he'll put Section 138 and Section 420 case on me, as soon as Courts Open.

4. Apart from my Blank check he have my SIM card on my name with him (Which he can use for other purposes).

5. He's demanding 5.5 Lacs more or A case if not paid Immediately.

6. Even after all this, I had asked him to Freeze 1 amount (Which he's saying 5Lacs+) and give me Time till the Financial year end (March 31st) and close the whole chapter forever (For which he's still not agreeing).

MY QUESTIONS:

1. What can i do to protect my self from the Problems addressed above.

2. I have Recordings of our conversations (where he admitted he had given 2.5 Lacs initially and demand of more that 5 Lacs now).

3. I have Net banking statements for 5,95,200/- to him and his friends and 10,000/- (in 3 transfers) to his mother (as requested by him).

4. He owns a small Embroidery machine parts business in West Delhi which is for a name sake only. His main earnings are from Betting, Card games, other illegal means (MY Case is one of them...for which he's playing with the Law loopholes).

5. He's calling daily from past few Months and Abuses and Harass me with dire Legal consequences (I have recording proof of it). For which i am Mentally and Socially disturbed and which is showing up in my Business workings.

6. Sir, I need a permanent Solution to it as I am now started developing Suicidal tendencies now and very much disturbed.

Sir, please let me know where am i standing and what I can do to protect myself from all the mess above.

Your Immediate and Positive reply awaited.

Thanks & Regards,

Kushal Sandhu

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