Indian Overseas Bank, Ramdev Galli branch, Belgaum - Stop misusing SARFESI Act
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1. The Hon. Law Minister, Govt. Of India
2. Reserve Bank of India
3. Chairman, Indian Overseas Bank, Chennai
Sir, I am a law abiding citizen of India who brought a House which was already mortgaged by the seller with State Bank of India, Belgaum. As part of the sales proceeds, I took over the sellers liability by availing a NEW housing loan from State Bank of India, Belgaum and brought the property after careful scrutiny and verification of revenue records with Sub-Registrar office, and only when the SBI Panel Advocate gave me a go ahead, I opted for housing loan and brought the property and have been living in the said property since 2006. In year 2010 I prepaid my entire SBI home loan and as soon as the final cheque was cleared another bank Indian Overseas Bank, Ramdev Galli, Belgaum officials came to my house claiming that the said property belongs to them as the sellers elder brother had mortgaged the same with their branch in year 2004.
Upon investigation it was revealed that the Elder brother had availed loan by creating an Equitable Mortgage with IOB, Belgaum with his younger brother and father as Guarantor. Within 6 months of availing the loan the elder brother secretly and fraudulently sold the property to the younger brother who was also the guarantor. Further the younger brother went ahead and fraudulently obtained housing loan from State Bank of India, Goaves, Belgaum for the same property. I was innocently trapped in the Banker builder Nexus where I was NOT at all aware of the Encumbrance and fall in the trap. It was also a fact that none of the records highlighted any Encumbrance and trusting the SBI housing loan scrutiny process and the Legal opinion of the Panel advocate, I brought the property which I was told had no encumbrance . While the sellers absconded after committing multiple such frauds at Belgaum duping many people and banks, IOB, Belgaum failing to recover the money from their original borrower, started to adopt arm twisting techniques using SARFESI act 2002 which allows the Banks and Financial Institution extra power, which includes bypassing civil court and arming them with powers to use law enforcing agencies to evict me and my family from the house for a loan which was availed by their fraud Borrower.
I have been fighting a lone battle from past 6 years and have approached Banking Ombudsman, Vigilance Officer, RBI but no agency is ready to listen and understand my plight. I have filed a Civil suite in Belgaum court where the case has been running since 2011 with a snail pace. Meanwhile, as a prudent citizen, upon being suggested by elders, fearing a blanket law favoring Bank, I even offered an OTS, however, the Bank has refused to even acknowledge the same.
Further investigating using RTI, I also came to know that there were many lapses by these two nationalized banks (both IOB and SBI) who
- Offered loan without proper scrutiny of the documents. The Land is Not at all approved by Belgaum urban Development Authority which is falsely claimed by the Fraud builder in the sale deed.
- The IOB declared the loan as NPA in 2008 itself and still did not initiate the SARFESI demand notice (section 13(2) till mid of 2010 until I cleared my SBI Loan. No doubt there was a handshake between IOB and SBI as IOB was aware that the fraud Builder has further mortgaged the property and they were waiting for me to clear the loan. Thus timely actions as prescribed in SARFESI Act were not taken by IOB.
- SBI has destroyed the copy of Legal opinion which I sought using RTI. They replied me that the copy of the documents are "Not in records"
- Till date IOB has NOT send me a single notice directly addressing me and they are sending notices to their borrower and are merely copying me on those communications.
Friends, All I want to say is I am a law abiding citizen and have brought the property in accordance with the law of the land by availing a housing loan by a premier nationalized Bank SBI and also by verifying revenue records in Sub-Registrar office. I am 100% innocent victim of the Builder Bank Nexus and request all of you to support me by signing my petition preventing the Nationalized Bank IOB in misusing the powers given by legislature to recover the dues from their willful defaulter. The fraud builders obtained loan from these two banks with incorrect/forged documents and despite being aware IOB and SBI had a handshake to protect one another interest thereby making me an innocent victim. IOB has every right to contest, however, through the right law without harming innocent third party victims who are not at all their borrowers nor have any contractual obligations.
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