srinivas (CA final Student) 05 November 2008
K.C.Suresh (Advocate) 06 November 2008
Approach the High Court or file a criminal compalint for cheating U/s 420 IPC, Breach of trust U/s 409IPC , misappropriation U/s 403 of Indian Penal Code against Bank officials. The cause of action arises when they allowed the loan amount disbursed to Mr. A when the construction was not started. This omission to verify the the site is an illegal omission which amounts to an offence. This can be taken as part of criminal conspiracy U/s 120B IPC.
So dear Srinivas you have well dfined options to do. No bank can wait for 22 months. so start criminal action by filing a petition in the concerned HC to get the matter investigated by CBI as the Bank staff comes under the jurisdiction of Central government employees. When you get a favourable order to investigate the matter by CBI the bank will fall down on your foot