Loan agrement exists but borrower not paying

[ED433]

I lend 2 lack rupees (200,000) rupees (approx. 2800 USD) to a friend through net banking whom I met 3 months before and issued loan agreement notarised from a lawyer. He promised me to give 275000 after 2 months as mentioned in the agreement. But it had been more than 2 months 10 days. He didn't return a single penny. He lives near my place at his own property. I didn't know he also took money from other people. And because of not returning the money back, one person filed a case against him. He also went to the jail. Case is resolved now.
But I became his another victim. I am still waiting for my money back as he says would be coming in my account. I don't trust him now and want to act on it. I don't know what to do.

[adjusterjack]

Re: Loan agrement exists but borrower not paying

I'm sure that the concept of lawsuit exists in India.

Sue him.

[olive]

Re: Loan agrement exists but borrower not paying

Sue in the village court or similar small claims type court. The amount you're seeking is normally within the jurisdiction of the smallest courts. So you can file without a lawyer and procedures are fairly easy.

[Lexus]

Re: Loan agrement exists but borrower not paying

As your friend is out of repayment period you are required to send a registered notice demanding repayment of the debt. If possible send it as a lawyer notice. If your friend neglects it and continues the default, you can approach the law enforcement to get back your money. Since the debt is backed by a valid loan agreement you will get the result soon.

[Unregistered]

Re: Loan agrement exists but borrower not paying

That a pretty amount to pay back for some people.
Does he have the 200,000 plus the 75,000

[Unregistered]

Re: Loan agrement exists but borrower not paying

Don't lend money to friends!

It never works.