Legal Question in Credit and Debt Law in India

I had good life and job till last one year...during this time I was also trading in shares etc. One year back I lost my job and also all the amount in shares, this account was operated by another person. When I was making good money few other gave amount to me for trading (there is no agreement of any sort but have few emails..amounts were paid by cheque/bank transfer) I also lost this amount and used some amount for my living. Now I am struggling for my day to day expenses and all those people who gave me money are asking for repayment else they say they take leagal action against me. I am requesting for some time but they r not ready. Can they take any legal action against me on the basis of emails and bank transfer, even I have paid them good returns through bank transfers for some time. Is this matter come under criminal ground or what could be the possible consequenses?


Asked on 9/17/10, 3:23 pm

1 Answer from Attorneys
Vishwa Arya Arya & Co.

This is a civil action and no offence involved. However, on the basis of emails and bank transfers, the party can bring the action for recovery for the amount after the bank transfers you have made to them. The party certainly will have to prove that the amount reflected in the email was given to you.

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Answered on 9/17/10, 7:29 pm


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