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Ask The Law: 'My friend won't return my money'

'My friend took money from me for an investment, but I have not received any returns and he won't return the amount'

I have given money to a friend of mine for investment here as well as in India. He is now is just saying stories and no plans to give back; I have not even got any returns as he had promised now I just want my principal amount back he has a company here and I have in his writing on his company letterhead that he has taken the amount from me and he has signed it also. What is the procedure I have to take and is the letterhead enough for him to pull him in law. Please help as it is a huge amount.

If there is no investment contract signed between you two, which states the rights and obligations of each party, the letter you have and the correspondents between you two can be enough to prove the fact that the gentleman owe you the amount; in this regards, you have to follow three steps in order to ask for the amount:

  1. Send a personal official letter asking him to return the amount based on his default.
  2. If no answer, or refusal, you shall appoint a lawyer to send him a legal notice in order to settle the matter and return the money immediately.
  3. If no answer, you can bring a civil lawsuit against him before the courts of UAE asking for the investment amount.

Question answered by advocate Eisa Bin Haidar, of Bin Haidar Advocates and Legal and Consultants