Financial fraud
Guest
(Querist) 21 November 2013
This query is : Resolved
Dear madam/sir
I am vijay. I worked for a real-estate company .
During that period company availed false housing loans in a nationalized bank as showing me and my colleagues as costumers. In that Process Company registered flats on my name then I mortgaged to bank to avail such loan. Same process implemented by colleagues also. Bank transferred loan amount to my company account.
Since Company has failed in Promptness of repay the above loans, Bank vigilance department Noticed the fraud and reported the same to high authorities.
Bank suspended the manager and preparing to launch a complaint in CBI .
Now we are all cheated by my company…
as victims me and my colleagues want to take a legal action on my company ,
What are the possibilities in law to support me… plz help me out … plz guide me what should I do now
Kumar Doab
(Expert) 21 November 2013
You should not have consented to such fraudulent transactions.
Employee should never offer his neck to such unscrupulous employers.
The bank may proceed against you also being the loan applicant.
Your only possible stance and chance may be that the funds were never deposited in your account and that should be your claim. Since no amount was ever paid to you, you should claim to be exonerated from debt.
Approach your lawyer as ap.
Your lawyer may demand authenticated copies of :
• letter of offer
• copy of filled in loan application
• copy of loan agreement
• terms and conditions governing the housing loan
• other documents such as schedule of fees and charges
• Loan account statement
• Proof of disbursement of loan
proceeds to the account of loan applicant.
Banks are required to give authenticated copies of documents executed by you free of charge. (cf. para 8.11.1 of Code of bank’s Commitment to Customers). Banks are also under ‘Fair Practices Code’.
Obtain copy of bank’s complaint to CBI and investigation report of CBI.
The CBI may make you a party and may investigate you as well.
Approach your lawyer and prepare your defence.
Do not conceal anything from your lawyer.
Rajendra K Goyal
(Expert) 22 November 2013
You have participated in a fraud along with your company. Engage a lawyer to defend you in the proceedings.
Agree with the expert, humbly and with due regards to expert Kumar Doab ji, submit that the Banks never pay the proceeds of the loan amount directly in the accounts of the borrower but pay to the developer / seller on the written consent of the borrower. Nothing illegal in it as it is to ensure proper end use of the funds.
Rajendra K Goyal
(Expert) 22 November 2013
You have participated in a fraud along with your company. Engage a lawyer to defend you in the proceedings.
Agree with the expert, humbly and with due regards to expert Kumar Doab ji, submit that the Banks never pay the proceeds of the loan amount directly in the accounts of the borrower but pay to the developer / seller on the written consent of the borrower. Nothing illegal in it as it is to ensure proper end use of the funds.
Guest
(Expert) 22 November 2013
Check as of now who is in the possession of flats registered in your name.If it is vacant request the bank to take the possession for the loan amount and relieve you. Or consult your advocate and become Approver immediately so that punishment could be less and some time court may excuse you also.
ajay sethi
(Expert) 22 November 2013
well advised by experts
malipeddi jaggarao
(Expert) 22 November 2013
Well advised by experts. Be bold to narrate the facts during the investigation, though it is not totally trouble free. Transferring funds from the borrower of Housing Loan to the seller's account is illegal. The Company used its employees as benamis. But what has happened to these flats? Still they are in names of employees? Whether they were sold to third parties by taking the signature of employees?
What is the total amount of fraud? If the fraud is less than Rs.5 crore, CBI will not react fast. In any case lenience towards employees will be there in dealing with the case if all the employees together co-operate with the Investigating Authorities. Do not be panicky.
Guest
(Querist) 22 November 2013
thank you all for giving such a valuable suggestions, specially to Malladi jaggarao sir and Mr Kumar Doab sir.
i forget to inform you some more important things..
it was happened in between 2011 oct- jan-12. after that company cleared 5 loans out of 32, total fund value near about 4.5 cr. afterwards bank taken action as per SARFACE act. positioning, sale, Action Process also completed, but action was fail as nobody come forward. reasons are 1) layout is gated community, 2) these properties are semi constructed buildings.
now the issue is the management is planing to handing over the same project to another builder as they failed to fulfill all their commitments to customers as well as banks. so-far managemt answered the bank many times for repayment.and the got time till this nov 15. but now suddelny the takeover proposal has come to the picture.
wat all the victims are planing if u can stop that issue by court order as public money involved. then management may clear our issue before the taheover .
so plz guide me in such a manner if u people are think if it is a right way
thank very much
malipeddi jaggarao
(Expert) 23 November 2013
You have not replied yet on important aspect. As per records, still you are the owner of some flats or these were sold to third party?
Since Bank has initiated the recovery steps, your role for the present is a spectator. If there is take over proposal, whether this is with the consent of the Bank or not important. If it is with the consent of the Bank, they will take only appropriate steps.
Guest
(Querist) 23 November 2013
thank you malladi sir for your concern.
as u asked that property is still on my name only , as per EC title deed was deposited in bank.
until loan was cleared nobody can't do any thing with that sir
moreover bankers are well-known about this story. bcoz all of us approached the bank higher officers many times. they are supporting us and forcing management to repay.
Management also assured the bankers many times, that company is responsible for entire loans .
For this reaction we fight with them for 2 months.
Now.. if the takeover process is completed with out clearing my loans, that new builder is no way liable to these loans, then the hole issue will be in dark.
that’s why I want to stop this process legally until my overheads cleared , as public money involved in project .
thank u sir
Guest
(Querist) 23 November 2013
thank you malladi sir for your concern.
as u asked that property is still on my name only , as per EC title deed was deposited in bank.
until loan was cleared nobody can't do any thing with that sir
moreover bankers are well-known about this story. bcoz all of us approached the bank higher officers many times. they are supporting us and forcing management to repay.
Management also assured the bankers many times, that company is responsible for entire loans .
For this reaction we fight with them for 2 months.
Now.. if the takeover process is completed with out clearing my loans, that new builder is no way liable to these loans, then the hole issue will be in dark.
that’s why I want to stop this process legally until my overheads cleared , as public money involved in project .
thank u sir
malipeddi jaggarao
(Expert) 24 November 2013
If the take over is with the consent of the Bank, why do you worry? More over the property is still in your name.
Guest
(Querist) 25 November 2013
Malladi Sir
Bank is no way concern with is takeover …
Its purely management idea as they field to arrange money to complete project.
Hear are some details about projected :
Type Of project : independent houses ( Duplix & simplex)
Type Of Company : Partnership firm ( two Partners)
Area Of Project : 33 Acers ( 3 Phases, 200+150+150 Houses )
Total Units : 500 Houses (3 Phases, 200+150+150 Houses )
Total Sold : 350 Houses
Con status (5-2013) : Phase 1(200 houses) 90% completed ( now worked stopped)
Funds received from Customers : 40 Cr
About Loans
Loans availed in bank : 6-2011 to 12-2011,
Total loans : 7+25+4 = 36 ( 7 CC Loans, 25 Housing Loans, 4 Dairy loans)
Total Loans amount : 4.9 Cr ( Approx)
Vigilance report on : 2- 01-2012
Manager suspend : 12-01-2012
Repaid : 1 Cr (in 15 months ) 6 loans A/C Cleared , interests 50 lacks, as on july-2013.
Case filed in CBI : July – 2013 ( So far no any action was taken )
From the last 4 months management dragging the issue and they promised with bank
That “to overcome all the financial issues management handing over project to others”
And they got last one month time by showing above cause.. n they got it.
Hence it is over now bank getting ready for further steps.
That’s reason legally we need a stay or its equivalent actions on project to make them serious on our issue. If the takeover process completed without considering fallowing issue, the new management may not responsible for the above said liabilities. So our loans to be closed before old management leaving the project.
Thank u sir
