Suggestion

a person takes a loan of rs 4,50,000/- seven years back as cc limit against his property as mortgage from a rural bank. this loan turned out to be default as NPA. 

two days back, bank officials lodged complaint against person at local police station under section 420.

i wish to ask, from any side can complaint be registered under 420 or bank officials should have gone for money suit for recovery of loan?

regards