Personal Loan Fraud
rajan
(Querist) 11 February 2010
This query is : Resolved
I am working for a private bank as credit manager for personal loans.We have recently sanctioned a personal loan to person for Rs 7.5 lakhs.But we subsequently found that the personal forged all the documents pay slip,bank statements,address proof etc..
He has prepared duplicate payslips.. while he not working actually.
he has prepared a bank statement duplicate.
We have filed a FIR and recovered Rs 4 lakhs from his bank accounts. We have taken all his bank cheque books, atm cards from all his bank accounts, Pan Card, Passport , original educational certificates and his personal laptop.
More importantly he has applied this loan with his 2nd pan card. We have also found that he has 2 pan cards with different date of birth.
In the meanwhile he is absconded with his famil. We could not trace him for the last 5 months.
Now my doubts are ;
We have taken his passport and pan card. Do we have right to take his passport? If no what should we do now?
Can we intimate the incometax department that this person hold more than one pan card?
Can we ask the Income tax department to intimate the bank if he again applied for new pan card( this is because so that we can trace his address)?
Can we ask the banks (where he holds personal savings&investment accounts) to intimate us incase he comes to branch for any transaction?
What are the other actions we can take to find him to recover the money?
Thanks,
sathish from gurgoan.
R.R. KRISHNAA
(Expert) 11 February 2010
Lodge a criminal complaint.
rajan
(Querist) 11 February 2010
We have already lodged a criminal complaint.But what should we do with his passport and pancard?
Raj Kumar Makkad
(Expert) 11 February 2010
1. Yes. You can taken into possession his passport legally.
2. yes. You ca intimate ITO about his double PAN Card so that they may also make caution and tak appropriate action against him well within rules.
3. Yes. You can request Income Tax authorities to provide you his whereabouts in case he ever applies for his PAN Card or files any return or makes any claim for the refund of TDS or in connection with any other work.
4. Yes. Same as replied in serial no. 3 above.
5. You can file a petition under SARFAESI Act and take possession of his known properties and then make its auction but problem before you is that his entire address/location is wrong. You can try to find out his known properties from Municipality, if possible. Even if cannot trace at this stage, get obtained decree and then get it executed a appropriate time.
rajan
(Querist) 11 February 2010
Sir,
I forgot to mention a point. The person forged all the documents in his spouse name and the loan was also sanctioned in his spouse name only. ( Mr.X forged all the documents , loan was applied and sanctioned in x's wife name. Wife was aware all forgery).
In case to request the ITO to provide the whereabouts of Mr.X , Do we need to submit any document?
I also doubt(with ITO) in reality is it happening or happened ever ?
Can the ITO provide the details as per law?
rajan
(Querist) 11 February 2010
Sir,
But Can we file petition under sarfaesi act? Because it is a personal loan - Unsecured loan. The provision in sarfaesi act says "Non-performing assets should be backed by securities charged to the Bank by way of hypothecation or mortgage or assignment. Security Interest by way of Lien, pledge, hire purchase and lease not liable for attachment under sec.60 of CPC, are not covered under this Act"
N.K.Assumi
(Expert) 11 February 2010
All these are happening in various banks, because the Banks never take seriously the various implications involving personal loan to the employees and this is becoming a matter of daily routine. I know some banks where personal loan was taken in the name of the Governmnt servants by forging all the documewnts of the employees and was detected after a long time causing great hinderance to the growth and smooth functioning of the banks.Firstly, the Bank should see that the bank's counsel (PANEL) is entrusted with checking all the official documnts of the employees like an escrow report and after the satisfaction of the report of the PANEL loan should be disbursed otherwise such mistakes will keep occuring and at times Bank's official will also lend up un deed troubles.
B K Raghavendra Rao
(Expert) 11 February 2010
You say amount of loan sanctioned is Rs. 7.5 lakhs and recovered Rs. 4 lakhs. Moreover, there is no security of immovable property to take possession of. Under these circumstances you cannot file case under SARFAESI.
File a money recovery suit and take Attachment (Before Judgement) in respect of all the bank accounts.
Raj Kumar Makkad
(Expert) 12 February 2010
You can file suit for recovery in the given facts.
