A money recovery suit is a legal action taken by an individual or organization to recover money that is owed to them by another individual or organization. It is a civil lawsuit that is filed in a court of law seeking a monetary award in compensation for a debt that is owed.

In my decade long practice, I’ve seen an exponential increase in financial crime related cases, especially the Cheque bounce. As per the RBI Statistics the Cheque transactions in India are growing at a rate of 30% CAGR with at least 2.3% being dishonored for various reasons. In the year March 2011 approximately 3 million (30 Lakh) Cheque bounce cases were pending in the country while in the same year RBI statistics published show 130 million (1,300 Lakhs) Cheques processed. Today we still have approximately 2 million financial fraud cases pending in India that include Bank Scams, Loan Repayments, Cheque Bounce, Insurance Frauds, Money Laundering and Hawala too.