Querry for law against public fund fraud
bharat garg
(Querist) 05 February 2015
This query is : Resolved
Hello Sir/Ma'am,
I want to know is there any stringent verdict or guideline given by Supreme court of India against Public funds fraud.
Is there any strict law for the persons who took advantage of government sponsored schemes & now not paying it to the bank,(since there is no mortgage involved in such kinds of loans).
I was told that there is some ruling of supreme court in this matter where fraudulent person will be booked & will not be entitled of bail unless he/she pays back the whole amount to the bank taken under any government sponsored schemes. No matter than if he/she has not given any of an asset as mortgage.
I am involved with one of of Public sector banks & need an expert advice on this matter..
Thanking You
Bharat Garg
Devajyoti Barman
(Expert) 05 February 2015
There many decisions on this issue but I regret decisions are not supplied here.
Guest
(Expert) 05 February 2015
Discuss your real problem.
prabhakar singh
(Expert) 05 February 2015
AS A CONSULTANT TO BANKS YOU MUST BE KNOWING THAT WHEN ADVANCES ARE MADE TO DEBTORS BY BANKS UNDER STATE SPONSORED SCHEMES,THE GOVERNMENT ITSELF UNDERTAKES TO REALIZE THE LOAN AS ARREARS OF LAND REVENUE,THEN IN CASE OF DEFAULT THE MANAGER OF THE CONCERNED BRANCH IS EXPECTED TO ISSUE A RECOVERY CERTIFICATE,CALLED RC,TO THE D.M.
WHO THROUGH TEHSIL CHANEL PROCEED TO REALIZE AND HE IS VESTED WITH POWERS OF ARREST BUT SUCH A DETENTION CAN NOT BE FOR MORE THAN 15 DAY.
REST IS HEARSAY.
Rajendra K Goyal
(Expert) 05 February 2015
Discuss the real problem. Decisions are not supplied.
bharat garg
(Querist) 06 February 2015
Dear All,
Thx first of all for providing such vital information, Thank you esp Singh Sir...
My real problem is that I complained police of one missing person who has availed a huge sum under the name of 6 family members under govt sponsored schemes. Police caught him & only after his written statement that he is going to pay certain amount per month to the bank, Police released him as we too were reluctant to put him behind bars at that time..
When discussed about these kind of issues with the S.I, He told me about a Supreme court verdict which says that person who is involved in public fund fraud (loan against Govt sponsored schemes & not repaying it )is not entitled to bail unless he pays back the full amount taken as a loan.
I searched the net regarding the same but could find nothing concrete regarding any such verdict, told to me by the S.I. So I sought help from experts & ended up posting my query...
prabhakar singh
(Expert) 06 February 2015
HERE COMES THE FACT THAT HE IS ACCUSED OF CHEATING AND IMPERSONATION BY WHICH HE HAS CORNERED PUBLIC MONEY.
i do not know how and why si says so.
But then why supreme court then enlarged Lalu on bail in fodder scam case?
T. Kalaiselvan, Advocate
(Expert) 06 February 2015
There is no such thing like how the SI described the event. He might have passes a comment on hearsay information, better do not get deviated on such ideas, concentrate on your recovery issue alone.
