Recovery of money...!
Naveen Kanth Dasari
(Querist) 24 October 2014
This query is : Resolved
Hello Experts,
I have purchsed a car in the month of August 2014, on loan. The thing is i had a pre-approval loan of Rs. 6,00,000/- and the car cost was Rs. 5,35,000/-, and at the time of purchasing the car, the showroom people assured me that they will ask for the approval for Rs.6,00,000/- and after deducting the car cost i.e, Rs. 5,35,000/- they return me the remaining amount of i.e, Rs. 65,000/-, but so far almost 2 months has been crossed but they have not returned my money and from the past 2 months i have been paying interest on the whole amount of Rs. 6,00,000/- and when i ask the showroom people to return my money, they give one or the other excuse, as they don't have the cheque signing authority and the authorised person is out of country.
what i can i do suggest me?
1. Shall i send a notice through my counsel for recovery of money?
2. Shall i file a case against them for breach of trust or any civil case?
3. Or Shall i wait for them?
Plz suggest me.
Sudhir Kumar, Advocate
(Expert) 25 October 2014
you said
"pre-approval loan of Rs. 6,00,000/- and the car cost was Rs. 5,35,000/-, and at the time of purchasing the car, the showroom people assured me that they will ask for the approval for Rs.6,00,000/- and after deducting the car cost i.e, Rs. 5,35,000/- they return me the remaining amount of i.e, Rs. 65,000/-, "
your agreement was illegal with plan to deceive the bank.
Rajendra K Goyal
(Expert) 25 October 2014
You with the dealer has tried to cheat the Bank which is a criminal act. Ask the dealer in writing to deposit the excess amount in the Bank immediately. failing send legal notice to dealer and the car company.
ajay sethi
(Expert) 25 October 2014
do you have any evidence in writing that dealer had agreed to refund balance amount. if so then issue legal notice to recover balance amount
malipeddi jaggarao
(Expert) 25 October 2014
You have not deposited the refunded amount in your loan account. Please do so at least now. What cheque signing authority, out of country etc., you mean to say that you will receive back full amount and enjoy for yourself in the name of vehicle loan created at the Bank? This is purely illegal and you face the music. Please do not post this type of queries as the site is open to public and you will be in great trouble.
Sudhir Kumar, Advocate
(Expert) 25 October 2014
Even if the supplier has not refunded you the excess amount you are bound to refund it to the bank and not utilise for any other purpose.
T. Kalaiselvan, Advocate
(Expert) 27 October 2014
This is a case of deceiving thee bank by fraudulent means and the query does not deserves any advise.
