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please help and advice - has my friend defrauded me? - Business - Nairaland

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please help and advice - has my friend defrauded me? by piroski09(m): 2:17pm On Dec 13, 2017
Guys,
last year December, a friend in Abuja introduce me to ginger business in his Village, he his from southern Kaduna and a bag then sold for #18,500 and i invested #260,000 in the business after i had lost some hundreds of thousand naira in MMM.
Fast forward to this year the price of ginger dropped to #15,000 to #12,000 and now #6,000 per bag. I told he to sell it since September at that price because i needed the money, and i have been transfered from Abuja where i work to Gombe State. My problem is that he his not picking my calls, MMM dealt with me and now this. A friend advice me to report the matter to police, but i dont want police come today, come tomorrow story since i am staying far from Abuja.
Pls guys what is your say on this matter.
Re: please help and advice - has my friend defrauded me? by SokoDobo: 2:38pm On Dec 13, 2017
piroski09:
Guys,
last year December, a friend in Abuja introduce me to ginger business in his Village, he his from southern Kaduna and a bag then sold for #18,500 and i invested #260,000 in the business after i had lost some hundreds of thousand naira in MMM.
Fast forward to this year the price of ginger dropped to #15,000 to #12,000 and now #6,000 per bag. I told he to sell it since September at that price because i needed the money, and i have been transfered from Abuja where i work to Gombe State. My problem is that he his not picking my calls, MMM dealt with me and now this. A friend advice me to report the matter to police, but i dont want police come today, come tomorrow story since i am staying far from Abuja.
Pls guys what is your say on this matter.

If your ginger is still available, go pack it and move it to somewhere safe.

If it's not, which I suspect, demand that he pays you for everything at the price you bought it else you threaten to take him to court. Even if he will pay you in monthly instalments, do not refuse.

This I believe is better than involving the police. Besides, it's more of a civil case.
Re: please help and advice - has my friend defrauded me? by chinawapz(m): 4:45pm On Dec 13, 2017
piroski09:
Guys,
last year December, a friend in Abuja introduce me to ginger business in his Village, he his from southern Kaduna and a bag then sold for #18,500 and i invested #260,000 in the business after i had lost some hundreds of thousand naira in MMM.
Fast forward to this year the price of ginger dropped to #15,000 to #12,000 and now #6,000 per bag. I told he to sell it since September at that price because i needed the money, and i have been transfered from Abuja where i work to Gombe State. My problem is that he his not picking my calls, MMM dealt with me and now this. A friend advice me to report the matter to police, but i dont want police come today, come tomorrow story since i am staying far from Abuja.
Pls guys what is your say on this matter.
Maybe he has used the money! It is very risky to do such business with people here in Nigeria. it is like you play MMM. the best is to pray to God over it, he might be after you if you take it hard on him. An advice though
Re: please help and advice - has my friend defrauded me? by uboma(m): 7:30pm On Dec 13, 2017
piroski09:
Guys,
last year December, a friend in Abuja introduce me to ginger business in his Village, he his from southern Kaduna and a bag then sold for #18,500 and i invested #260,000 in the business after i had lost some hundreds of thousand naira in MMM.
Fast forward to this year the price of ginger dropped to #15,000 to #12,000 and now #6,000 per bag. I told he to sell it since September at that price because i needed the money, and i have been transfered from Abuja where i work to Gombe State. My problem is that he his not picking my calls, MMM dealt with me and now this. A friend advice me to report the matter to police, but i dont want police come today, come tomorrow story since i am staying far from Abuja.
Pls guys what is your say on this matter.
Re: please help and advice - has my friend defrauded me? by naijacutee(f): 7:45pm On Dec 13, 2017
Im not trying to play devils advocate here but I don’t see how your friend has defrauded you.

Every investment is a risk, as the prices of commodities (oil, gold, cash crops, bitcoin) rises and falls.You should be aware of the risks when investing. My guess is that as a farmer, your friend has invested even more time and energy into this and is probably more disappointed than you are - especially if he can’t explain the fall in the price.

I would say for now, remove your mind from that money and give him time to pay it back. If he’s a little business savvy, he may have planted other crops that might do well at harvest. If possible, have him pay in instalments as that’s more manageable. Getting the police involved will be a waste of your time and money, especially if he cannot magic the money out of anywhere.
Re: please help and advice - has my friend defrauded me? by Hunry: 8:42pm On Dec 13, 2017
yes, yes, yes
Re: please help and advice - has my friend defrauded me? by piroski09(m): 10:03pm On Dec 13, 2017
naijacutee:
Im not trying to play devils advocate here but I don’t see how your friend has defrauded you.

Every investment is a risk, as the prices of commodities (oil, gold, cash crops, bitcoin) rises and falls.You should be aware of the risks when investing. My guess is that as a farmer, your friend has invested even more time and energy into this and is probably more disappointed than you are - especially if he can’t explain the fall in the price.

I would say for now, remove your mind from that money and give him time to pay it back. If he’s a little business savvy, he may have planted other crops that might do well at harvest. If possible, have him pay in instalments as that’s more manageable. Getting the police involved will be a waste of your time and money, especially if he cannot magic the money out of anywhere.
My dear, i just want to move on knowing that i have lost money from investing in the business. Just like how i have moved on from MMM.

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