u/shadowninja240

I had take cash out of my credit cards ( 7 credit cards ) and gave it to my friend for some investments reasons, ( i know im fool to trust my friend and got scammed).

My main concern is im in a situation with zero savings. Banks are asking me to pay the installments. The salary im receiving is not enough to pay the amount. What if i default the credit card payments.

Will i be jailed ?

Will i be deported?

Agreeing for settlement is also not a option due to low salary and commitment.

What can i do ?

What all consequence i might might face in coming days ?

The story is going to be long, might feel like a cinema story, that only one guy was easily be able to fool 20+ guys.

My colleague had done a scam to 20 guys most of them work with me in our company and other work a good reputed company.

Initially my friend ( scammer ), he used to take money from us as investments, to invest on gold and used to give back the money with profit. He used to offer us 1gram profit for every 8 gram gold purchase and additional price increase profit.

Everyone one working with me ( scammer work with us as well ) started with small amounts and good returns.

Later with time it went to huge amount, everyone starting investing 50k-100k, that total combined amount went to 4million aed.

He used to buy gold from the colleagues credit card and used to give gold biscuits at discount. He repayed the credit cards for few months, untill he went out of money.

When the delay happened in giving profit amount, everyone started to ask him money, he started to circulate the amount within us without us knowing. Borrowing from one person and giving to another, until he was out of any incoming money

Recently we caught him and asked him, if he really did any investment that would give us 1gram free for 8 gram purchase, but all this was a lie. He used our money to enjoy and gave some little profits back, retaining the initial capital amount saying that , he has reinvested.

Fools us thought things are going good, we are getting profits, he is a good colleague, seeing his lavish life though everything is legit got scammed at the end.

1. We dont have any cheques to file a case

2. we are not exactly clear if he has used our money to onky legitimate purposes.

3. All our colleagues are in debt - me alone has lent him 350k ( 150k cash advance from credit card, 150k salary amount , 50k borrowed money in a span of 5 months )

4. Everyone is afraid to file a case, thinking moght lose the job.

5. Moat of them have done cash transactions.

Everyone is depressed, have to work for another 4 years just to repay the debt.

Anyone know what can be done or been in this situation,

Only me alone is daring to file a case in police station., filing a case is right decision or to let go my money and earn back it without risking my life in this legal matters.