(CMR) Arin Smith filed a lawsuit against Prashanth Puthillath of Z3 Taxi after Puthillath failed to repay a loan of US$19,500.00, for which he lied that he needed to pay the import duties to release six hybrid vehicles he had imported.
According to the court document filed, on or about 12 July 2023, Puthillath represented to the Plaintiff that he had imported six hybrid vehicles into the Cayman Islands but could not pay the import duties of $19,500.00 to secure their release. On or about 12 July 2023, he entered into a contract with Smith for a loan of $19,500.00.
The money was transferred to the defendant's bank account at Scotiabank in the name of Z3 Taxi. It was agreed that upon the release and sale of the vehicles, the sum of US$19,500.00 would be paid to Smith.
On 7 October 2023, the defendant, after failing to repay the loan, admitted to Smith that he had misrepresented his true position. Puthillath had, in fact, secured the release of the vehicles and had sold them prior to the loan being agreed. He also admitted to Smith that he had dissipated the loan money on unrelated matters.
According to the court document filed on 10 April 2024, despite verbal and a written request, Puthillath has failed to repay the loan.
The Plaintiff now regards the contract as breached by the defendant due to non-payment of the debt and seeks recovery of the sum owing and is claiming for the amount owed plus interest.
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