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sanjay patel   07 September 2019

Illegal fund raise through loan by builder and sold the property

My builder had done fraud by raising the fund and taking loan from bank on property by help of dummy buyer but dint register it. Later he sold the property to me with outstanding loan and that dummy buyer is nit paying back loan. 
After knowing all this i forced him to settle this. He has canceled the loan and saying i will payback amount gradually. 
What action bank can take against me in case of non payment. I have all docs in my name(sale deed, agreement, ec). 
What precautions i can take to safeguard myself



Learning

 4 Replies

Real Soul.... (LEGAL)     08 September 2019

If the loan is against the property which you purchsed then you have to settle the loan to secure your property

G.L.N. Prasad (Retired employee.)     08 September 2019

First inquire as to whether there are some more victims like you (through Bank) and contact a local advocate who can study all documents and can suggest suitable remedy.  The query lacks clarity.

P. Venu (Advocate)     08 September 2019

In my understanding, such instances are quite common. The Banks are yet to evolve a policy in dealing and settling them.

Shashi Dhara   08 September 2019

Lodge criminal complaint against him

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