Dispute with icici & citibank
Querist :
Anonymous
(Querist) 27 November 2011
This query is : Resolved
Sir/Madam,
I have two home loans in my name; one is from CITI BANK and the other is from ICICI BANK.
1) In case of citi bank loan an amt of Rs.19,00,000/- was sanctioned,but only an amt. of Rs. 15,50,000/- was disbursed in Feb.2008. I paid the Emi. of Rs.21,587/- p.m on Rs.19,00,000/- from Feb 08 to January 2009, but the bank neither gave any explanation about the non disbursement of Rs.3,50,000/- nor rescheduled the loan. Further interest & processing charges are charged on Rs. 19,00,000/- and not on the disbursed amount of Rs.15,50,000/-.Hence I stopped the payment of monthly Emi. Of Rs.21,587/- from Feb.09 till date with the prior notice to the bank and sent three legal notices to the bank seeking compensation for the breach of trust, mental agony and hardship I suffered and business losses due to nondisbursement of the amt. of Rs. 3,50,000/- which I had to divert through my business capital and pay to the seller of the flat to complete the Purchase deed .No reply from the bank yet on this matter but, instead, on 15th July 2010, the bank issued me the legal notice under section 13(2) of Securitization and Reconstruction of financial assets and Enforcement of Security Interest Act.2002 which was duly replied by me immediately. After that I complained about the misdeeds committed by the bank to the banking Ombudsman and the Fraud monitoring cell of RBI.But the banking ombudsman closed my complain recently stating they did not have thorough rights to investigate further and resolve the matter. Fraud monitoring cell of RBI,however has also not shown any interest & has not given any reply to my complain till date. I have informed the bank that since the total agreement value of the loan i.e. Rs.19,00,000/- was not disbursed in full and the power of attorney therein was notarized in my absence , the loan agreement has become illegal and invalid , thereafter , I gave notice to the bank & revoked the alleged Power of Attorney inside the Loan agreement and hence again informed the bank that in the absence of the valid loan agreement and the mortgage deed, the bank does not have any rights regarding the property involved. The bank has not given any reply on this since then. But,.recently the bank has offered me to waive of the penalties & interest on the loan which I have not accepted as the bank has kept matter pending for so much time intentionally , so as to increase these charges.
2) In case of Icici bank loan, An amount of Rs. 15,45,000/- was sanctioned and disbursed .but, I was Promised a rate of Interest 8.5% p.a. & the actual rate of interest charged by the bank is @ 13.5% p.a. When I demanded the copy of agreement from the bank I found that my wife`s & my signatures on the agreement are forged & the portion of the agreement is scribbled & tamperedwith .The changes are made in the agreement in bank`s favour fraudulently. Further the cheque for the processing charges of Rs. 25,000/- is cleared in the name of Bank executive and the bank has charged the processing charge twice which is debited to my home loan a/c. I have sent two legal notices to the bank seeking compensation for the breach of trust, mental agony and hardship and the 3rd notice to bank has been returned with the remark the addressee shifted. I paid the Emi. from Feb 08 to January 2009, and due to this cheating by bank I have stopped paying the Emi from Feb.09. but no reply from the bank yet and nobody from the bank is approaching me regarding the matter. After that when I approached to the M.D. and C.E.O. of ICICI Bank CHANDA KOCHCHAR and complained against these misdeeds, my allegations were denied by the bank. Hence I got the copy of the loan agreement, which was sent by the bank, examined from the Forensic Document Examiner HIRAL MEHTA, who replied in writing that indeed the signatures on the copy of the loan agreement were forged. Hence I have sent the copy of her reply to the M.D. and C.E.O.of ICICI Bank CHANDA KOCHCHAR, and to the Fraud monitoring cell of RBI on 29th April 2011.Earlier the Banking Ombudsman Had closed my complain stating they did not have thorough rights to investigate further and resolve the matter. It is almost clear that the ICICI Bank has cheated me intentionally by preparing the false and totally bogus loan agreement and forging my signatures. On 30th October 2010, the bank had issued me the legal notice under section 13(2) of Securitization and Reconstruction of financial assets and Enforcement of Security Interest Act.2002 which was duly replied by me immediately. Since then no correspondence from the bank on this matter. What can be done to resolve the matter and get the compensation from the bank for the cheating, breach of trust, mental agony and hardship committed by the bank intentionally?
I have complained against Citbank & Icici bank to the Commissioner of Police, Mumbai, the Commissioner of Police, new Mumbai, & to The senior Police inspector of the respective police stations under sections 409, 415, 418, 420, 463, 464, 467,468, 470, 471,474,477A etc. of the IPC. Currently the investigations by the police are going on. Meanwhile , it is learnt from the reliable sources that on 13.10.2010,Citibank has approached the court to execute the agreement & the Power of Attorney therein under the SARFAESI ACT. But yet no summons has reached to the borrower. The borrower does not know, which court Citibank has approached?
Please advise me on, what is the procedure to execute the SARFAESI ACT to recover the dues? How much time is generally required for getting an order under SARFAESI ACT ? If the home loan agreement is disputed and the power of attorney is already been revoked by the borrower, can any court give such an order in the favour of the bank to attach the property under SARFAESI ACT exparte? If any order has already been passed against the borrower by the court, favoring the bank within how many days or months it would reach the borrower?
What are the remedies available to the borrower to challenge & nullify the order passed by any court under SARFAESI ACT ? What can be done to resolve the matter and get the compensation from the banks for cheating me intentionally & causing me the huge financial losses?
V R SHROFF
(Expert) 27 November 2011
Too long , will read & reply in leisure.
both bank serve for own pocket, at the cost of their client, I closed my transaction with both, saying them City bank always sleep, & icici unreasonably penalize their client, go on attracting clients by big ad, & then squeeze them . However, this is purely my own personal opinion and experience.
Try banking with natinalised banks, sbi, bk india, or co-op bk,
DEFENSE ADVOCATE.-firmaction@g
(Expert) 27 November 2011
You should give querry in simple short and point wise form.
Normally DRT is in favor of lender so if you can sustain go first to DRT than DART and finally to HC and SC than only you can expect some relief.
Devajyoti Barman
(Expert) 27 November 2011
I had no patience to read such a long query.
Raj Kumar Makkad
(Expert) 27 November 2011
Barman we experts are required to maintain patience and we should not become mad to attain maximum paint bu replying as fast as possible even without reading a query.
I praise shroff & JSDN, who have made some labour to judge general problem of author though the posting is not in a proper way.
