Legal Question in Constitutional Law in India

SARFESI ACT 2002
Dear Sir, I am a victim of a fraud commited by a builder and Bank . I brought a property in year 2006 from a builder who had mortgaged the property with SBI. As part of the sale agreement, I cleared the housing loan of the builder by availing a housing loan with SBI in my name. I maintained the home loan account and clared the entire loan in 4 years. As soon as I paid the last cheque, another Bank IOB came to my door stating that the property was mortogaged by the builder's elder brother in year 2004 and hence they have the rights over the property. They have invoked SARFESI act and have threatened to auction the property. I have brought the property throuh SBI, a premier nationalised bank after verifying all records, NIL encumberance certificate from Sub registrar and have also cleared my housing loan. Both Banks are at fault to 1. issue loans to fraudsters 2. did not perform proper scritony of documents before sanctioning housing loan. Now I am innocently trapped between the unholy nexus of Bank and builder. There is no help for me as the SARFESI act overrides the local court. Also I approach both RBI and Vigillance of both IOB and SBI. From there too there was no help, RBI says, they only verify the policies and procedures of the banks on a sample basis. The respective vigillance officers have NOT AT all taken cognizance of my complaint and have replied in carefully carfted letter stating that the SARFESI act will continue. Please help. The builder has cheated many people and do not respond to the Bank, the bank are illegally misusing the act on an innocent victim. Please advise me on what to do sir.. Thanks Rajesh Shankar

Asked on 8/20/12, 2:16 am

Aniruddha Pawse Aniruddha.P.Pawse Advocates

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Answered on 9/10/12, 2:37 am

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