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Bank loan Fraud


30-Aug-2023 (In Banking / Finance Law)
This is a case where builder has manipulated us and took a loan from 2 banks on my profile. Actually builder has used my profile and got the loan on 2 properties (under construction) and provided us commission for that, around 2 years builders have paid the EMI which was from my account but now they have stop depositing the EMI amount in my account. I am so much worried what to do now....if i surrender the property to bank what will happen because properties are under construction not sure if bank will be able to sell them...please advice
Answers (1)

Answer #1
772 votes
What is the collateral or security that has been charged against the loan? I understand that the land itself has been mortgaged to the bank. The bank is a secured creditor against the said land only. It is possible that the bank may go against your personal assets as well, but that is highly unlikely as long as the mortgaged property is available to be sold. For further assistance, I would require to peruse all the loan documents.
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