Here are the corrected grammar and formatting for your message:
---
Hello,
Victim Information:
- Gender: Male
- Age: 30
- Marital Status: Married
- Children: 2 small kids attending school
- My Relationship with Victim: Brother
- Employment: Private Company, Salaried, Rs 30,000 INR In-hand/monthly
- Total Loan: Approx Rs 1,850,000 INR (Unsecured) from 15 Banks & Financial Institutes
- Assets in victim name: House valued at approximately Rs15 lakhs (Gifted by me, his brother)
My brother received a call from a fraudster/scammer about Futures & Options trading. They manipulated him into taking loans from various banks and financial institutions, promising 2x - 4x returns. My brother borrowed approximately INR 1,850,000 from 15 different banks and financial institutions and lost all the money in F&O trading, following the scammer's directions and trading tips.
Now, he is unable to pay the EMIs or settlements due to his low income, and he recently lost his job. The banks and financial institutions have provided all the information to recovery agents who are harassing him with phone calls and home visits. They are also threatening to send legal notices and make police complaints if he fails to pay soon.
My brother only has the phone number of the person who scammed him over the phone. He provided bank cheques for three bank loans, and 5-7 ECS payments have already bounced.
I kindly request members of lawyersclubindia.com to provide valuable advice and answer the following questions:
1. What legal complaints can the banks file for non-payment of loans and EMIs?
2. What legal consequences and punishments are possible?
3. Can the bank or court auction assets and property in my brother's name, even if it is an unsecured loan?
4. Is it possible to close the loans without payment by filing a police complaint that my brother has been scammed by Futures & Options Trading phone calls?
5. My brother only has the phone number of the scammer who manipulated him into investing in F&O Trading, providing guarantees over phone calls. Will the police register his FIR in this case?
6. What can be the legal consequences if the banks attempt a settlement, and my brother is unable to pay or agree to the settlements?
7. What is the expiry for ECS Bounce & cheque bounce (For filing a case)?
8. Can my brother be jailed for ECS bounce, cheque bounce, or inability to repay the loan?
I have attached the loan information, including the loan values and bank names.
Thank you
