Legal Question in Banking Law in India

Banking

I have introduced a Saving Bank account of one Janardan Rai, afterward Bank has given him loan to construct a house, in 03 installments latter on it was found that that real name of Janardan Rai is Aspatali Rai and he has submitted original documents to tthe Bank which belongs to his father-in law, he is depositing money to the Bank and his permanant residence is also known to the Bank, Bank officers are some where involved in giving loan to him, now they are trying to presuurize me while I am only introducer of his saving account, what shall be my responsibility in eye of law


Asked on 7/04/09, 12:34 am

5 Answers from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: Banking

I don't know how easily you people can be trapped in such people's net.It is funny that the bank people are pressurizing you for signing as an introducer and you believed that you are the defaulter.I advise you to lodge a complaint in the police station against the people whoever are intimidating you u/s 420.You may also raise doubts with the oficials of the bank about what kind of security the bankers have against the loan.

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Answered on 7/04/09, 5:50 am
KAMAL GROVER

Re: Banking

If you intruduce the wrong person with wrong name. like you mention his name is wrong then you are responsible for 420 and 120-B IPC.

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Answered on 7/04/09, 6:30 am
J. Radhakrishnan independent Practice

Re: Banking

So far as savings bank account is concerned if any cheque favouring Janardan Rai is collected and the real Janardan Rai who is his father in law and if the latter complains convesion of his cheque it is possible for the Bank to file a case against you and Aspatali Rai for cheating, misappropriation etc. But so far as the housing loan is concerned if you have not involved yourself, the Bank cannot claim anything from you. But if his father in law complains that his title deeds have been deposited in his name by some other person even if it be his son in law Aspatali Rai,and he has been cheated, it is possible for the Bank to involve you in their complaint for impersonation, as you have by introducing the wrong person in the name of Janardan Rai, conspired with Aspatali Rai to cheat the Bank. Be prepared to meet the eventuality with the assistance of local lawyer.

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Answered on 7/04/09, 10:03 am
Pranav Desai PD Legal & Associates

Re: Banking

There would not be any issue against you in respect of the introduction of the person. However, since bank has given loan the bank should have conducted the necessary KYC procedure prior to giving loan.

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Answered on 7/07/09, 6:18 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Banking

You may have no responsibility towards the bank particularly when the bank is dealing with him for the last six years.

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Answered on 7/04/09, 1:39 am


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