A great Life lesson for trusting someone above there worth

[Kumar93196]

Sharing a real life experience

Hi Folks hope all of you are fine. I am 24 as of now with half decade of work experience.
I am working with my dearest friend whom I met in office. He’s behavior is too good towards everyone.
we both are working together in a DSA. After some time, we both started a plan to start our own DSA. We left the job and started working from his home. Our bond grew strong and we started earning good.
He took some goods like phone,laptop A/C, etc on my name and paid all the emi’s on time. After that he took Personal Loans in my name from apps like Kreditbee, Mobikwik, Amazon, fedral, Au bank,Snapmint. I always believe in cash. And never used or bought anything on emi but he’s the one who’s using all that things. And he also asked me for some money for personal usage. I lent him. And I started a kameti with him worth 1.5lac for 10 months.

In the beginning of 6 months he paid all the EMI’s on time. But the MAIN THING IS for last 6 months he’s not paying any emi on time stating that he don’t have any money and for the past 6 months I have been paying the emi.

6 MONTHS BACK STORY.

Everything is going really well. I have saved some decent money in my early stages of life. My friend put all his money and in some company which doubles all the money once every month. First month company doubled the money. 2nd month he asked all of there neighbours to invest the money in It. And the company took the money and ran. so all of them have stopped Payment of Kameti. They told him to deduct that from his kameti they are not going to pay for it.

His personal account also got blocked due the complaints on the company which doubles the money.
Due to all that for the last 6 months I am paying all his emi’s and I am single earner of my family of 5. And for last 6 months I am so much stressed I cant focus on my work so I have used all my savings to pay his emi’s. which is around 45k per month. And for the Past 6 months I am very devasted.



Whenever I call my dear friend he always tells me for the past 6 months he is arrange the money and it will take time.

In such a Young age I got the very hard Lesson that never lend money to someone.

Right now I have paid 4lac worth of the loan which is in my name but used by him and still 3.5lac is remaining. I cant understand what should I do. How to get out of this shit………….

Any suggestions will be helpful.

 

[IKFLRT]

Sorry to hear this, man. Everyone deserves a friend like you with that good heart and innocence, but you’ve got to be careful going forward, especially with the money you earn by burning yourself every day.

Does your dear friend have a home and a family? Go to his dad and ask him to clear off the loans taken in your name. I’m not sure if you could take the legal route, but you could pressure him by humiliating him publicly, especially where he works if he refuses to return the money.

It happened to me once in my office, where a junior took 25K and did not return it even after seven months. I had to defame and humiliate him publicly, and only then did I get my money back.

 

[akshayhs]

Your first mistake is to let him use your name for his purposes.
Your second mistake is to not arrange for something like a promissory note as soon as the loans were sanctioned.

 

[Kumar93196]

Sorry to hear this, man. Everyone deserves a friend like you with that good heart and innocence, but you’ve got to be careful going forward, especially with the money you earn by burning yourself every day.

Does your dear friend have a home and a family? Go to his dad and ask him to clear off the loans taken in your name. I’m not sure if you could take the legal route, but you could pressure him by humiliating him publicly, especially where he works if he refuses to return the money.

It happened to me once in my office, where a junior took 25K and did not return it even after seven months. I had to defame and humiliate him publicly, and only then did I get my money back.

He is already in bad terms with with father. I will connect with his mother for this

Your first mistake is to let him use your name for his purposes.
Your second mistake is to not arrange for something like a promissory note as soon as the loans were sanctioned.

All the transactions are online and i transferred all the amount instantly as soon as it got credited

 

[Jkt]

There is no way you can prove that the money is used by him, he can always say you gifted him the money!
Talking to his parents could be helpful, but don't keep very high hopes.
What he fell into is a typical Ponzi scheme, but then we all are blinded by Returns and happily ignore risks!

 

[sudhaacademy]

A great life lesson is to trust others for who they truly are, not for their perceived worth or status. When we value people for their authenticity, we build deeper, more genuine connections. Trusting someone based on their true character leads to meaningful relationships. Always remember, true worth is found in actions, not appearances.

 

[dvader]

Any loan given to anyone, friends or family beyond a threshold which you aren't ready to lose (Let's say 10000 but can depend on person to person) is never, ever a good Idea...without exception

1. Let's assume that the friend or relative is acting in good faith but has fallen on hard times: Now you will nag him for your money until his situation recovers which, given that he had to ask for a large sum of money and had no backup to pay it back, is gonna take a substantial amount of time. He is gonna get pissed off with the nagging and will try to avoid paying you even when his condition recovers, blaming you for not understanding his/her situation.
2. If he is acting in bad faith, you aren't gonna get your money anyway
3. Most friendships get ruined when money gets involved, heck even brothers are not untouched by this.
4. For medical emergencies (death and accidents), consider the money you gave as a donation because you won't have the strength to get it back (because you were kind enough to help in the first place)
5. Rule of thumb: No person is right or wrong in this. It's just normal human behavior. It's all about consequences...without consequences, no one is gonna pay your money back. They may pay it back once, twice heck even 100 times but the human brain learns, they know there are no consequences and it's just inevitable.
6. Any non-legal form of lending will always lead to exploitation either by the lender or by the borrower depending on who has the physical and emotional leverage.
7. In the past I have fallen on hard times and when I went to people who owed me money, all I got was disappointment. So the assumption that if you help people, they will help you back in your hard times is a misnomer, they will just see it as a recovery attempt that's all.

It might seem pretty bleak but well that's how it is.

 

[sidpsidp is verified member.]

Any suggestions will be hehelpful

The amount is too big not to involve a lawyer. There are so many technicalities.

1. Did he ask your permission when he took the loan? If he told you later on, how much time has passed since?
2. Can you prove he is the one who used the funds?
3. If he claims it's gift, did he report it? As you aren't sibling, limit on gift is pretty small. May be 50k.

& so many more. Contact a good lawyer who deals with such financial Civil cases. Your 1st action should be to protect your assets and your profile, so that court doesn't find you co- conspirator. Also many of the " proof" aren't admissible in court. E.g. If you have to furnish screen shot of you have to delete his name. The screenshot needs to show his mobile number not name. Later you can add his name back if you like.

Even if you don't go till court, you need a lawyer advice to plan your future action. Spending those 10-20k is nothing compared to how much more you can lose. How to protect your cibil, if your profile gets reported for fraud, that's the end of your career.

 

[dvader]

The amount is too big not to involve a lawyer. There are so many technicalities.

1. Did he ask your permission when he took the loan? If he told you later on, how much time has passed since?
2. Can you prove he is the one who used the funds?
3. If he claims it's gift, did he report it? As you aren't sibling, limit on gift is pretty small. May be 50k.

& so many more. Contact a good lawyer who deals with such financial Civil cases. Your 1st action should be to protect your assets and your profile, so that court doesn't find you co- conspirator. Also many of the " proof" aren't admissible in court. E.g. If you have to furnish screen shot of you have to delete his name. The screenshot needs to show his mobile number not name. Later you can add his name back if you like.

Even if you don't go till court, you need a lawyer advice to plan your future action. Spending those 10-20k is nothing compared to how much more you can lose. How to protect your cibil, if your profile gets reported for fraud, that's the end of your career.

Honestly I don't think there is any legal recourse, he will only be wasting 20k. Even if I would be wrong in assuming that there are no proofs, screenshots etc. OPs friend seems like a degenerate, scum of the earth kindda guy and probably doesn't make any money. He can claim all of it as Gift and even then be exempt from taxes as he most prob will be within 7 Lacs.

OP can't even file fraud case as the money transfer from his account happened after he shared the OTP.

The only solution would be to harass his friend's family, go to his house and try to (u dont have to actually take it just be cruel and pretend hard) pick up his parents' stuff as recovery, the idea is not to recover money or but create a rucus and make his family's life hell. I know it's bad and might sound outright evil but that's life. Insult and berate them hard. If all this isn't worth 4L then just pay up 4L and go on with your life. You have no other choice. You can try using other recovery tactics IYKYK.

To anyone thinking this is bad, well OP is practically his Friend's slave at this point, working hard for him for free. I believe anything and everything is fair as long as OP is careful and makes sure it doesn't come back on him.

 

[Kumar93196]

I gave him the money via upi routes and i also have whatsapp chats and he's also aware that all the money i gave him is from the loans and he willingly paid the emi's for the first 6 months and no its not a gift as he clearly said he will pay the emi's.

 

[sidpsidp is verified member.]

Honestly I don't think there is any legal recourse, he will only be wasting 20k.

not true. A good lawyer is very useful. And its not just 4 lacs. He already have to pay 3.5 l more debt. Plus loan he personally lent. But biggest issue is he has involved op with other people. He needs lawyer to make sure court doesn't find him co conspirator later. His exposure is pretty high. These fin crimes gets reported to cibil. After that bye bye birdie.

He can claim all of it as Gift and even then be exempt from taxes as he most prob will be within 7 Lacs.

Limit is just 50k bot 7L.

OP can't even file fraud case as the money transfer from his account happened after he shared the OTP.

This is also not true. Here bank/loan issuer isn't liable but he can make his friend liable. In case of default, bank will sue OP but OP can Sue his friend. Also there are many technicalities coercion, false promise, was the funds intended for a specific purpose. Only a lawyer can go through the documents and come up with right strategy.

The only solution would be to harass his friend's family, go to his house and try to (u dont have to actually take it just be cruel and pretend hard) pick up his parents' stuff as recovery, the idea is not to recover money or but create a rucus and make his family's life hell. I know it's bad and might sound outright evil but that's life. Insult and berate them hard. If all this isn't worth 4L then just pay up 4L and go on with your life. You have no other choice. You can try using other recovery tactics IYKYK.

This is illegal. Unless he is connected , he will be deeper hole.

This is why @Kumar93196 you need an expert. Not just any lawyer. Someone who deals with such cases. Also a local guy(contact matters).

Even though law doesn't restrict lawyer to practise a particular type of case, they themselves put this restrictions to build core competency, contacts, & to be a expert in one particular field.

A good lawyer & ca is worth their fee, just like a good mechanic/electrician/plumber or a consultant.

 

[sidpsidp is verified member.]

I gave him the money via upi routes and i also have whatsapp chats and he's also aware that all the money i gave him is from the loans and he willingly paid the emi's for the first 6 months and no its not a gift as he clearly said he will pay the emi's.

Talk to few people, go to district court talk to few more people. Find the right guy.

 

[Kumar93196]

Going to court on Sunday.

 

[Dr. Drake]

Hmm I had similar experience, I was a guarantor for my best friend for a chit funds scheme. He had some losses in business & the dirtbag abandon his own family n ran away. Now I'm obliged to pay his loans as per tnc. The amount is close to 28L.

Peace of advice don't be a guarantor or lent any advice unless you're ok to not seeing that money.

 

[Kumar93196]

Hmm I had similar experience, I was a guarantor for my best friend for a chit funds scheme. He had some losses in business & the dirtbag abandon his own family n ran away. Now I'm obliged to pay his loans as per tnc. The amount is close to 28L.

Peace of advice don't be a guarantor or lent any advice unless you're ok to not seeing that money.

MY total amount comes to 7 lac which make me think what should i do if i am in your scenario i would have ended my life

 

[VasukiVasuki is verified member.]

Sharing a real life experience

Hi Folks hope all of you are fine. I am 24 as of now with half decade of work experience.
I am working with my dearest friend whom I met in office. He’s behavior is too good towards everyone.
we both are working together in a DSA. After some time, we both started a plan to start our own DSA. We left the job and started working from his home. Our bond grew strong and we started earning good.
He took some goods like phone,laptop A/C, etc on my name and paid all the emi’s on time. After that he took Personal Loans in my name from apps like Kreditbee, Mobikwik, Amazon, fedral, Au bank,Snapmint. I always believe in cash. And never used or bought anything on emi but he’s the one who’s using all that things. And he also asked me for some money for personal usage. I lent him. And I started a kameti with him worth 1.5lac for 10 months.

In the beginning of 6 months he paid all the EMI’s on time. But the MAIN THING IS for last 6 months he’s not paying any emi on time stating that he don’t have any money and for the past 6 months I have been paying the emi.

6 MONTHS BACK STORY.

Everything is going really well. I have saved some decent money in my early stages of life. My friend put all his money and in some company which doubles all the money once every month. First month company doubled the money. 2nd month he asked all of there neighbours to invest the money in It. And the company took the money and ran. so all of them have stopped Payment of Kameti. They told him to deduct that from his kameti they are not going to pay for it.

His personal account also got blocked due the complaints on the company which doubles the money.
Due to all that for the last 6 months I am paying all his emi’s and I am single earner of my family of 5. And for last 6 months I am so much stressed I cant focus on my work so I have used all my savings to pay his emi’s. which is around 45k per month. And for the Past 6 months I am very devasted.



Whenever I call my dear friend he always tells me for the past 6 months he is arrange the money and it will take time.

In such a Young age I got the very hard Lesson that never lend money to someone.

Right now I have paid 4lac worth of the loan which is in my name but used by him and still 3.5lac is remaining. I cant understand what should I do. How to get out of this shit………….

Any suggestions will be helpful.

You should have stopped at part where
Small company loan started happening
Anyways, what u want to do with friend is your per say

 

[Kumar93196]

You should have stopped at part where
Small company loan started happening
Anyways, what u want to do with friend is your per say

I just want my money back RN i don't have any money so i can sue him or pay the emi's. Is there any option which does all the legal procedures for free?

 

[Anupama_Jha]

It's so sad to hear this, bro. At first, I thought I was the only one struggling, but reading this thread gives me some confidence to make a comeback.

Stay strong, OP. It's just about the next 1–2 years, after which I'm sure you'll be debt-free and have a very happy family. Best wishes!

 

[Dobbiee]

MY total amount comes to 7 lac which make me think what should i do if i am in your scenario i would have ended my life

Dont worry. You will come out of the stress. Though 7 lacs looks a big amount to you as of now, but it would be small once you grow.
Your friend has taken some part of your money. Not your fortune, which you would build in next few years.

As the loans are in your name, there is hardly any recourse. You need to pay. See how you can manage the cash-flow.

In future dont trust anyone on money. Not even your brother/sister.
Sabse bada rupaiya.

 

[Dr. Drake]

MY total amount comes to 7 lac which make me think what should i do if i am in your scenario i would have ended my life

Hire a lawyer, transfer all your assets to someone you trust in family and show financial difficulties Keep on getting dates and take a settlement no other way. Paying all for someone doesn't make sense at all. The only drawback your cibil will be ruined, which I'm ok with.