Is Guarantor liable for banker fraud

Anonymous

Replied 5 years ago

Dear Sir, Thanks for your valuable response on my query. still i have a doubt on this. kindly clarify more on this.
1. My uncle was a guarantor only for the loan and not at all related for that business.

2. Loan sanctioned 30 lacs initially, later with in 1 month period, bank manager given adhoc facilty at 75 lacs without superior approval.

3. presently we run this case in DRT. more over, the bank already collected that 30 lacs through auctioning borrower property. banker claiming my uncle property for that extra 45 lacs which is given by the bank manager without higher authority approval. bank manager received bribe and sanctioned that extra amount. This is as per CBI court judgement.

4. More over, we have submitted in the DRT worth about 20 lacs payment details which is to be received from that company clients. banker would not take any steps to collect that amount.

5. I can agree, if borrower is failed to pay the loan then guarantor will act and primary responsibility to pay the loan. In this situation, the borrower and banker collusion and made loss to the bank. Is the guarantor also responsible for their fraud transaction? How the guarantor protects from law for such scenario?

kindly advice. Thanks in Advance.

ROBERT D ROZARIO

Replied 5 years ago

don't pay anything which was not approved without your uncle's knowledge. In your uncle's situation, your uncle was the guarantor for the INR 30 lacs only. Your uncle will not be liable for anything above INR 30 lacs which wasn't approved without his knowledge. You just need to find out whether your uncle had been a guarantor for anything above INR 30 lacs. If not and since INR 30 lacs had already been recovered by the creditor, your uncle is absolved from any further liabilities. Call me for discussion.

Anonymous

Replied 5 years ago

i cant understand sir. i will brief again here.

Dear Sir, Thanks for your valuable response on my query. still i have a doubt on this. kindly clarify more on this.
1. My uncle was a guarantor only for the loan and not at all related for that business.

2. Loan sanctioned 30 lacs initially, later with in 1 month period, bank manager given adhoc facilty at 75 lacs without superior approval.

3. presently we run this case in DRT. more over, the bank already collected that 30 lacs through auctioning borrower property. banker claiming my uncle property for that extra 45 lacs which is given by the bank manager without higher authority approval. bank manager received bribe and sanctioned that extra amount. This is as per CBI court judgement.

4. More over, we have submitted in the DRT worth about 20 lacs payment details which is to be received from that company clients. banker would not take any steps to collect that amount.

5. I can agree, if borrower is failed to pay the loan then guarantor will act and primary responsibility to pay the loan. In this situation, the borrower and banker collusion and made loss to the bank. Is the guarantor also responsible for their fraud transaction? How the guarantor protects from law for such scenario?

kindly advice. Thanks in Advance.

Anonymous

Replied 5 years ago

Dear Sir, Thanks for your valuable response on my query. still i have a doubt on this. kindly clarify more on this.
1. My uncle was a guarantor only for the loan and not at all related for that business.

2. Loan sanctioned 30 lacs initially, later with in 1 month period, bank manager given adhoc facilty at 75 lacs without superior approval.

3. presently we run this case in DRT. more over, the bank already collected that 30 lacs through auctioning borrower property. banker claiming my uncle property for that extra 45 lacs which is given by the bank manager without higher authority approval. bank manager received bribe and sanctioned that extra amount. This is as per CBI court judgement.

4. More over, we have submitted in the DRT worth about 20 lacs payment details which is to be received from that company clients. banker would not take any steps to collect that amount.

5. I can agree, if borrower is failed to pay the loan then guarantor will act and primary responsibility to pay the loan. In this situation, the borrower and banker joined together done collusion transaction and made loss to the bank. Is the guarantor also responsible for their fraud transaction? How the guarantor protects from law for such scenario?

kindly advice. Thanks in Advance.

Anonymous

Replied 5 years ago

i cant get clear answer sir. Dear Sir, Thanks for your valuable response on my query. still i have a doubt on this. kindly clarify more on this.
1. My uncle was a guarantor only for the loan and not at all related for that business.

2. Loan sanctioned 30 lacs initially, later with in 1 month period, bank manager given adhoc facilty at 75 lacs without superior approval.

3. presently we run this case in DRT. more over, the bank already collected that 30 lacs through auctioning borrower property. banker claiming my uncle property for that extra 45 lacs which is given by the bank manager without higher authority approval. bank manager received bribe and sanctioned that extra amount. This is as per CBI court judgement.

4. More over, we have submitted in the DRT worth about 20 lacs payment details which is to be received from that company clients. banker would not take any steps to collect that amount.

5. I can agree, if borrower is failed to pay the loan then guarantor will act and primary responsibility to pay the loan. In this situation, the borrower and banker joined together done collusion transaction and made loss to the bank. Is the guarantor also responsible for their fraud transaction? How the guarantor protects from law for such scenario?

kindly advice. Thanks in Advance.

Rameshwar Dadhe

Replied 5 years ago

Ur uncle can file application for revocation of guarantor. For breach of trust or breach of contract