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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 8547
Experience:  I have been practising for 30 years.
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I (A) am a foreigner and travelled to UK on business since

Customer Question

Hi, I (A) am a foreigner and travelled to UK on business since many years. I met a gentleman (B) who promised good returns if A invested some amount with him and a layman agreement was framed by us two on his co, letterhead and signed by us two. I transferred from my co bank account in my home country to a beneficiary(C) advised by B. With the beneficiary(C) (B) had long business dealings and was a regular supplier to B.
He also gave 3 cheques against the returns as promised as showing his(B) intent of genuineness. But B did not let A either present the cheques in due course with false promises and thus now time barred. Nor B has paid any principal back to A. In all B has paid nil to A. this took around April 15. During last visit of B to As country All three met in Oct 15 and finalised some amount to be finally paid by Dec15. But that too has long been. Do I (A) have any chance to recovery as I am a foreigner.
Submitted: 4 months ago.
Category: Law
Expert:  F E Smith replied 4 months ago.

How much money is involved

Do you have an address to the parties to this?

Do you know whether they still have your money?

On his company letterhead, does it say (usually at the bottom) that he is regulated authorised anywhere?

Customer: replied 4 months ago.
The principal amount was 20000£ and returns guaranteed were 3000£ every month until Dec2015, against which he paid 3 cheques of 5000£ each. However upon every request to deposit the cheques he would suggest to take cash and not deposit in bank.This he kept on doing until they were time barred. He promised to pay the principal in Dec 15.Yes I have all the addresses and I knew the receiver well and is from the same trade line.
Well reg money in possession is something how u look at. It is a fluid thing and he is still in business having a turnover of about a million £.Well on his letterhead it says his capacity is a director of the company but I did not deal with the company and it was as a personal capacity only. His company is still solvent though.
Expert:  F E Smith replied 4 months ago.

This is highly likely to be a scam. For an investment of £20,000, no one can possibly give a return of £3000 per month, £36,000 per year.

I suggest that you tell him that he has 1 week to come up with the money and you will then, at your discretion, if you court proceedings against him personally and at your discretion also report this fraud to the police and has also reported online system, Action Fraud.

It doesn’t matter that you are not a UK resident, you will need a UK address your proceedings or need to instruct solicitors.

Can I clarify anything for?

Please don’t forget to rate the service positive. It is an important part of the process by which experts get paid.

Best wishes.

FES

Customer: replied 4 months ago.
What are our chances of actually getting money and how much would be court fees and say your fees, alongwith some timeframe, and would you actually like to see the documentation too and revert back for the same.He is a very shrude businessman and doesn't now even respond to my calls and threatens that I cant do anything as the money transferred was done in a third country and to a person other than him. Pls help.
Expert:  F E Smith replied 4 months ago.

This is not something that I would be able to deal with for you I am afraid. You would need, for practical purposes, to find a solicitor that was near to one of the basis that you visit when you are in the UK.

Fees are here

https://www.gov.uk/make-court-claim-for-money/court-fees

you will court fee is between 4.5% and 5% of the claim depending on when you issue the claim online.

Solicitors will charge £200 per hour or thereabouts for this. You will recover those costs if your claim is successful. If your claim is not successful and it’s defended successfully, you would have to pay your own costs plus those of the defendant. I don’t see how the defendant can defend it but you never know what’s going to happen in court.

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