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jasud Babasaheb (owner)     07 September 2015

Bank loan us to repay loan of other account

dear sir,

one of my friends has advice me to aproval my project loan from schedule bank, where his father In law is chairman, against he demand 1cr loand from me for 15 days once he aproval file, within 15days he aproval my business CC and term loan too of 2 Cr, from term loan we have RTGS 1Cr on his current account......  from the same amount he clear his loan due of his current account in the same bank.........

(means-- bank given loan to me to repayment his due)

at this transection bank has been advise us verbally in front of their meeting, that we (me) have to help him(my friend) for 15 days, after 15dys he will repay the entire amount with interest of 14%

but now after 5 months is over, and he is not in position to repay me.... what shld i do... pls suggest


 6 Replies

jyotirmaya behera (advocate)     07 September 2015

What is his security regarding loan?

Kumar Doab (FIN)     07 September 2015

If it is true then you have been taken for a ride.

You need to establsih that he demanded it to clear your loan and he borrowed from you.


Approach an able lawyer specializing in such matters ASAP.


1 crore  transferred  to another account only on oral instructions from the bank.Is it legally viable dear querist.

What have U been doing all these 5 months.Why didn't U take to task the officials who have given oral instructions? I feel there is something hidden in the transaction.

Sudhir Kumar, Advocate (Advocate)     08 September 2015

so you actually did not need Rs 2 carores yet loan was sanctioned. it indicates that you have submitted a bogus loan proposal. That means you need to refund the money and also be in in jail. your friends and his father-in-law are abettors in crime. You cannot recover money from him.

Sudhir Kumar, Advocate (Advocate)     12 September 2015

please refer to your query at are you Govt servant.


Are U a govt servant,owner,student or is the query academic.

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