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How Do I Get My Money Back From A Failed Biz - Business - Nairaland

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How Do I Get My Money Back From A Failed Biz by COdeGenesis: 8:41am On Nov 16, 2019
Dear Nairalanders,

I am in hapless situation right now. It all started in April 2019 when a colleague of mine walked up to me with a business idea, he told me he has spoken with 5 of my colleagues and the side business will bring some profit which will support my monthly salary.

We formed a group of 6 people and contributed 100k each to get the devices (3 tabs,3mobile and wallet) because it's more like mobile money business. We contributed 600k to the guy who brought up the idea.

Some days later the tabs and the printers were bought but the wallet was not credited , as a result of that the business was dormant. This same guy suggested we open an account and we paid about 20k each to him for acount opening.

After about two months only one account was funded with 150k and he came up with the excuse that the person meant to fund the wallet is still holding about 300k. After one month ,the only tab funded with 150k got missing according to him and the 300k was yet to be refunded.

It's November now I am yet to get 120000 i contributed,the guy keeps giving excuses that it's business and i should call the other guy who was meant to fund the 2 other wallets with 300k. He has refused to refund the 150k which was funded and also the 120k which was contributed to him to open a company account. Furthermore, he refused to return the tabs and printers in his possession and has left the whatsapp group created for the business. Infact i heard he diverted the tabs and printers for his personal use

How do I get my money back? Is it an EFCC case or a police case. Please help a brother
Re: How Do I Get My Money Back From A Failed Biz by Nobody: 8:48am On Nov 16, 2019
-

2 Likes

Re: How Do I Get My Money Back From A Failed Biz by Nickisindigo(m): 8:49am On Nov 16, 2019
this is fraud not business

5 Likes

Re: How Do I Get My Money Back From A Failed Biz by COdeGenesis: 8:57am On Nov 16, 2019
BeachTime:
Cut your loss,Learn and move on.

What losses ? Someone came up with a business idea, we contributed money and he didnt do his own part of the business. The money technically should be with him since the capital was spent on buying tabs and funding the mobile account. Only one wallet was funded and he has refused to even return the 150k and other assets(tabs n mobile printers).
Re: How Do I Get My Money Back From A Failed Biz by COdeGenesis: 8:57am On Nov 16, 2019
Nickisindigo:
this is fraud not business

So it's a police case?
Re: How Do I Get My Money Back From A Failed Biz by Nobody: 9:18am On Nov 16, 2019
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1 Like

Re: How Do I Get My Money Back From A Failed Biz by COdeGenesis: 9:35am On Nov 16, 2019
BeachTime:
You should sign agreements before doing business deals , even if it's a business with your brother or father . Report to police if you have evidence of the business agreement and transaction. cut your losses and move on if all you have is word of mouth .

I have whatsapp chats from the group. I have conversations where the intention of the group was spelt out and one or two occasions where he promised to refund back the money. I threatened to report the matter to ICPC and he paid 40k to my account just now
Re: How Do I Get My Money Back From A Failed Biz by Nobody: 9:36am On Nov 16, 2019
Even with docs

Any money given to another party for business should be writen as a loose until profits comes

In other words

Regard the money as a loose

Since you don not have control over the business or the capital

2 Likes

Re: How Do I Get My Money Back From A Failed Biz by COdeGenesis: 9:40am On Nov 16, 2019
pmedia1:
Even with docs

Any money given to another party for business should be writen as a loose until profits comes

In other words

Regard the money as a loose

Since you don not have control over the business or the capital

I get you but look at it this way. It's a mobile money business. That means you get the license and a wallet is created for you which contains your capital. We contributed the capital and 3 wallets were meant to be created but only one was created. Even the money in one that was created is held by this guy. How do i forfeit 112k in this hard time
Re: How Do I Get My Money Back From A Failed Biz by Damitism: 9:42am On Nov 16, 2019
Continue to threaten him then.
COdeGenesis:


I have whatsapp chats from the group. I have conversations where the intention of the group was spelt out and one or two occasions where he promised to refund back the money. I threatened to report the matter to ICPC and he paid 40k to my account just now

2 Likes

Re: How Do I Get My Money Back From A Failed Biz by COdeGenesis: 9:51am On Nov 16, 2019
Damitism:
Continue to threaten him then.

I will of course , at this point i wish i had a friend who is a soldier or DSS. He even left the business whatsapp group. I am thinking of going to the police but then i might end up spending close to 30k for statement and fuel because i intend getting police to arrest him so he can sign an agreement on when he will pay the remaining balance

1 Like

Re: How Do I Get My Money Back From A Failed Biz by Nobody: 9:52am On Nov 16, 2019
COdeGenesis:


I get you but look at it this way. It's a mobile money business. That means you get the license and a wallet is created for you which contains your capital. We contributed the capital and 3 wallets were meant to be created but only one was created. Even the money in one that was created is held by this guy. How do i forfeit 112k in this hard time

I get you

But I just speak in respect to giving other people money to do business for you

Any thing can happen

Thàtd what I mean


Me help my church sister with my rent money

Of over 150,000 for business

We had all set

Told her she must pay back

Husband works as a lectural

She had a shop

She was due to collect some money from corporatives

So for my mind

I don secure the money


It's been 30 months now...

My final shock absorbers then was to forget the cash and write it as a loose

If I had not done that..I wouldn't have been ready to pay the rent when the time came two months later

That cash was my last..

But I regarded it as a loose
Re: How Do I Get My Money Back From A Failed Biz by COdeGenesis: 9:56am On Nov 16, 2019
pmedia1:


I get you

But I just speak in respect to giving other people money to do business for you

Any thing can happen

Thàtd what I mean


Me help my church sister with my rent money

Of over 150,000 for business

We had all set

Told her she must pay back

Husband works as a lectural

She had a shop

She was due to collect some money from corporatives

So for my mind

I don secure the money


It's been 30 months now...

My final shock absorbers then was to forget the cash and write it as a loose

If I had not done that..I wouldn't have been ready to pay the rent when the time came two months later

That cash was my last..

But I regarded it as a loose

150k is much , it depends on the person per say. If the person doesn't have then I can move on but in this my own case this guy has businesses , he earns close to 400k a month. He is just one greedy fellow. I can't allow my money to just go like that . That's alot. My sweat and hard work
Re: How Do I Get My Money Back From A Failed Biz by Daviva007(m): 10:09am On Nov 16, 2019
take heart bro,and move on.learn to forgive and forget smiley

1 Like

Re: How Do I Get My Money Back From A Failed Biz by SocialJustice: 10:55am On Nov 16, 2019
COdeGenesis:
Dear Nairalanders,

I am in hapless situation right now. It all started in April 2019 when a colleague of mine walked up to me with a business idea, he told me he has spoken with 5 of my colleagues and the side business will bring some profit which will support my monthly salary.

We formed a group of 6 people and contributed 100k each to get the devices (3 tabs,3mobile and wallet) because it's more like mobile money business. We contributed 600k to the guy who brought up the idea.

Some days later the tabs and the printers were bought but the wallet was not credited , as a result of that the business was dormant. This same guy suggested we open an account and we paid about 20k each to him for acount opening.

After about two months only one account was funded with 150k and he came up with the excuse that the person meant to fund the wallet is still holding about 300k. After one month ,the only tab funded with 150k got missing according to him and the 300k was yet to be refunded.

It's November now I am yet to get 120000 i contributed,the guy keeps giving excuses that it's business and i should call the other guy who was meant to fund the 2 other wallets with 300k. He has refused to refund the 150k which was funded and also the 120k which was contributed to him to open a company account. Furthermore, he refused to return the tabs and printers in his possession and has left the whatsapp group created for the business. Infact i heard he diverted the tabs and printers for his personal use

How do I get my money back? Is it an EFCC case or a police case. Please help a brother

All of you who contributed should report to EFCC. It is EFCC case, do not involve police, they will just waste your money.

2 Likes

Re: How Do I Get My Money Back From A Failed Biz by AJSfan: 3:44pm On Nov 18, 2019
Damitism:
Continue to threaten him then.
a scammer and fraud giving advice yet living a fake life by endorsing similar businesses and pretending to be fighting a just course by trolling my thread. In case you don't know, your approval method is a failure and people who used it are coming back grin

1 Like

Re: How Do I Get My Money Back From A Failed Biz by Island01: 5:56pm On Feb 17, 2020
COdeGenesis:
Dear Nairalanders,

I am in hapless situation right now. It all started in April 2019 when a colleague of mine walked up to me with a business idea, he told me he has spoken with 5 of my colleagues and the side business will bring some profit which will support my monthly salary.

We formed a group of 6 people and contributed 100k each to get the devices (3 tabs,3mobile and wallet) because it's more like mobile money business. We contributed 600k to the guy who brought up the idea.

Some days later the tabs and the printers were bought but the wallet was not credited , as a result of that the business was dormant. This same guy suggested we open an account and we paid about 20k each to him for acount opening.

After about two months only one account was funded with 150k and he came up with the excuse that the person meant to fund the wallet is still holding about 300k. After one month ,the only tab funded with 150k got missing according to him and the 300k was yet to be refunded.

It's November now I am yet to get 120000 i contributed,the guy keeps giving excuses that it's business and i should call the other guy who was meant to fund the 2 other wallets with 300k. He has refused to refund the 150k which was funded and also the 120k which was contributed to him to open a company account. Furthermore, he refused to return the tabs and printers in his possession and has left the whatsapp group created for the business. Infact i heard he diverted the tabs and printers for his personal use

How do I get my money back? Is it an EFCC case or a police case. Please help a brother



Good evening bro, kindly help me out in the transcripting business, how can I reach you

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