My coworker & I had ventured into lending business with needy fellow OFWs here in Dubai with ten percent interest per month (which is pretty much lower compared to the Indians which is charging 20 percent)since 2008. We agreed that he will take the 2 percent as a collector and as a capitalist i would take the 8 percent. The business had ran smoothly until July 2010 he suddenly went home for vacation and never come back, all of my invested amount totalling to 50,000 dirhams (equivalent to Php600,000) had vanished together with him. He give list of fictitious people and fictitious amount whom i can no longer traced and besides he has the total control of the business as collector and i am just waiting for my share so i am totally clueless how to retrieve the money if ever there is still but to all indication he meticulously plan to collect all the money including company gratuity and run away. I keep on calling him but to no avail he is refusing to pick up my call. He left with me 3 lending agreements clearly stating he received the following amount from AED39,000, AED4200 and another handwritten note with his signature amounting to AED4,000 also just to compel him to go back to Dubai i sent him another AED1,000 as i heard he had no money for the POEA registration, i sent the amount on his name via Western Union and i received SMS confirmation he had collected the amount. Those written agreements bore his signatures as per his passport signature. One of those agreements clearly stated that he will pay 10 percent interest per month. With the above, since he is already in the Philippines i wanted to file a case, i wanted to know what case is the appropriate for me to file. Is Philippine court going to admit an agreement (unnotarized) signed by both Filipinos here in the UAE. Please give me all your advices so that i can retrieve my invested amount as i knew he had a lot of properties in the Philippines considering he was a 20 years abroader.It is also in vain to file a case here in the UAE as he is already blocklisted here since he ran away also with 2 bank loans.
More Power and God Bless