Unable To Pay Emis Of Loans/credit Cards

First of all rather than going legally you should serve him/her a legal notice and in that notice you can write that either pay my money or face legal action which will be at your own risk. After that if he/she fails to give you a satisfactory reply then you can anytime file a complaint in writing to the police station according to your jurisdiction or can even file a recovery suit in the court to claim your money back along with compensations. For more legal assistance I am just a call away.

Get legal notice be issued to your friend. For further assistance, you can contact. Thanks.

Dear Client, Immediately inform the banks about your inability to pay the EMIs due to your friend's fraud, providing them with bank statements as proof. File a police complaint against your friend and consult a legal expert to guide you through legal actions and dealing with the banks. Discuss debt restructuring options with the banks, such as extending loan tenure or reducing EMIs. Consider debt counseling to help manage your finances and negotiate with the banks. Document all communications, explore alternative income sources, and inform credit bureaus about your situation to mitigate its impact on your credit score.

Issue notice to your friend by demanding your money and if he refused to pay then File money recovery suit in court through lawyer.

Dear Sir, You have taken loans at your risk as such it is your bounden duty to discharge the same and if you have no assets get it transferred to remote place and hide your identity etc.