Dear Respected Members,
I have been running SSI Unit for the past 10 years. One of the nationalised bank approached me and offered 3.5 lacs cash credit facility against my stocks. After one year or so they enhanced another 3.5 lacs. I was doing well. But during reccession 2010 my business started falling down. All my main customers went in bad shape. I tried hard since then and I could not do well. During these period I was paying my debit interest regularly. When my stock went low and tried to show the actual stock to the bank. Where in the field executives advised me to give false stock worth 10lacs so that my 7 lac limit will be maintained. They also told me if I show low stock then my limit would become zero and I must pay full amount in one shot. Fearing this adverse suituation I showed false stock till march 2012. But my business went from bad to worse that I could not do anything for the last 6 months. With great difficulty I paid 3 months debit interest. But since september 2013 I could not mobilise any fund. I waited till november but nothing happened in my business. Now bankers are asking for three months ineterst which I could not pay.The AGM told me that they can initiate a criminal proceedings on me. Can they do that? My intention is not to cheat bank. I wish to clear all my dues to the last rupee. What I need is time. What I should do? Please suggest me.