Will i file 420 with builders who has done fraud with me

jasud Babasaheb (Querist) 10 May 2021 This query is : Resolved
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2017 I hv given my land to one of the builder for residential development at ration of 30:70, and time period of 36 months, after the agreement builder has approach SBI bank, where he was having good relationship with SBI RM real estate
He applied for loan of 5 Cr, loan approved, he got 100% disbursements without verifying project development by bank, The same disbursements amount he use to close their other project loan in same bank, instead of completing my project... (As the project is RERA approval) as of now on my project zero developments
now will I file complaint against the builder and bank manager ......

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A landowner has reported a builder who took land for development in 2017, secured a large bank loan against the project, and then used the funds to clear other debts instead of developing the land. The landowner is seeking advice on filing complaints against both the builder and the bank manager. Experts confirm that complaints can be filed with RERA against the builder and with the bank's corporate office against the manager for malpractice. Consulting a local advocate for potential cheating charges is also recommended.

SHIRISH PAWAR, 7738990900 (Expert) 10 May 2021
Hello,

Yes, you can complaint against the builder and bank for malpractices followed by builder and bank.

Message likes : 1 times

kavksatyanarayana (Expert) 10 May 2021
Yes. I agree with the advice of learned expert Mr.Sirish Pawar sir.

Dr J C Vashista (Expert) 11 May 2021
Well analysed, opined and advised, I agree with experts.

Sankaranarayanan (Expert) 11 May 2021
Yes you initiate the action as advised by the experts

T. Kalaiselvan, Advocate (Expert) 12 May 2021
You can file a complaint against the builder with RERA and also against the bank manager with the top management of the bank's corporate office about the alleged malpractice.
Besides, you can consult a local advocate and draft a complaint against the builder with the local police for cheating activities if the builder has not taken up the work despite availing loan on the name of this project.

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