Legal Question in Consumer Law in India

In 2008 I booked a flat with a certain builder enlisted with a reputed nationalized bank and the same bank sanctioned a loan in my favour for a particular flat allotted in my favor by the builder. On the basis of a tripartite agreement between the bank, the builder and me, the bank debited my loan account and placed the entire loan amount with the builder in 5/6 installments spread over a period of 1 1/2 years. The flat was to be delivered to me in 18 moths time since the date of signing of booking. But no sooner the bank released the last installment than the builder started delaying the project execution on some plea or the other till I finally came to know that the builder has actually sold this flat which was originally allotted to me to some other guy at a later date (that is after getting the entire cost of the flat from my account). I brought this matter to the notice of my banker, who expressed its helplessness in the matter, so much so that it failed to produce the detailed address of the builder and its partners among whom one was the wife of an officer of the bank. Some days later I came to know from the bank that the builder has deposited in my loan account a sum of money equal to the principal loan amount disbursed by the bank. I wonder how the builder could do this, under what consideration and how the bank could accept this; the whole transaction has left me high and dry with triple misfortune- not getting the flat for one, for the second being slammed with with a huge interest overdue burden and thirdly having been labelled as a not creditworthy by CIBIL in whose publications I have been shown to be a defaulter which disables to have any loan from any bank- a stigma which I certainly do not deserve. I feel the builder and the bank are in collusion in perpetrating such a fraud on me, as the value of the said property escalated soon after completion of the project and the the builder acted in a mercenary manner. Do I have legal recourse in the matter?

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