fraud commited by forign party

Chandan Garg (Querist) 16 February 2009 This query is : Resolved
We ordered some material worth one crore from a party in USA and opened a LC (Letter of Credit) in Bank at Delhi.

The party doesn't sent the material but sent Forged documents and got the LC retired from bank.

The bank didn't check whether the conditions of LC are fulfilled or not as two of the conditions were not checked by bank.

Now please tell how can we recover the money
and what action we can take against the bank.

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ARVIND JAIN (Expert) 17 February 2009
YOU CAN FILE FIR AGAINST THEM AS WELL AS SUIT FOR RECOVERY.

M. PIRAVI PERUMAL (Expert) 17 February 2009
I quite agree with Mr. Aravind.

RAKHI BUDHIRAJA ADVOCATE (Expert) 17 February 2009
Mr. Arvind Jain is absolutely right.I do agree with his opinion.

ARVIND JAIN (Expert) 17 February 2009
THANX RAKHI FOR YOUR MORAL SUPPORT TO ME ALSO.

Abhishek (Expert) 17 February 2009
well..Mr. Arvind i also support u...

A. A. JOSE (Expert) 17 February 2009
I agree with Mr.Arvind Jain. Proceed against both the Bank and the party with criminal as well as civil proceedings.

Adv.Shine Thomas (Expert) 18 February 2009
I agree with Mr.Arvind Jain

Chandan Garg (Querist) 17 March 2009
Pls tell can we proceed under consumer protection act against the Bank.

sanjeev murthy desai (Expert) 17 March 2009
Dear Chandan,

Yes You can file a consumer case against bank.

But you have to proove that Bank did not verified/checked properly

sanjeev desai

Chandan Garg (Querist) 17 March 2009
We can prove that he didn,t verify the documents . but my advocate is saying that as you are a company ,u can't file Consumer suit as this LC is a commercial transaction.

Manish Singh (Expert) 18 March 2009
you cant file a consumer complaint. you are not covereed under the definition of consumer under the consumer protection act.

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