Location/place: India
Name of company/service: Union Bank of India
On 26-09-1997 I had deposited property documents of my house with Union Bank of India, saifabad as collateral security for the Overdraft facility of Rs 2.00 Lacs of M/s Sri Krishna Motors Cash Credit account (504-41007) where I was working as a Manager and also was running my Spare parts business at their premises. In the year 1999, i had enhanced the credit limit to Rs 6.00 Lacs by the letter of guarantee. Thereafter, I had never signed or accepted any loan enhancement document or renewal for the continuation of the credit.
I had severed my relationship with them in 2001 and in 2003, I met the Bank chief Manager Mr. Sai Prasad to inform him about the withdrawal of my Guarantee and to request him for the facilitation of release of my property documents. However to my utter shock, he informed that the loan was enhanced to Rs. 8.00 Lacs. When I had informed him about my total ignorance of the newly enhanced limits, he assured me of taking action against Sri Krishna Motors in case of any fraud and also would send the documents to the Forensic department. From there on, I periodically had met the bank officials for the release of my documents. Never in any instance they had shown me the loan enhancement or letter of guarantee document.
I did receive letters twice from Bank under the SARFAESIA for the recovery.1st dated – 27-06-2006 and 2nd letter on 9 – 06- 2009. Upon receiving the second letter I had approached the High Court of Judicature, Andhra Pradesh with my complaint. Court directed the bank to show me all the required documents and receive all my objections/complaints and address them appropriately. With the High Courts direction, I had made a representation to the bank to show me the Letter of Guarantee for the enhanced amount to 8.00 Lakhs. Upon receiving a photocopy of the Letter of Guarantee document for the enhanced loan amount, I had made a representation to the bank on 20-08-2009 raising my objections and also had complained with my observation that the latest Letter of Guarantee was Forged. Bank has paid a deaf ear to my complaint and had pressurised me for the early one time settlement of the loan amount. I had paid in full amount as one time settlement to the bank and had closed the account on 28.10.2009 and taken back my property documents.
I had waited for the bank officials to act on my complaint for nearly 6-7 months and finally had sought information from the Bank under RTI Act 2005 for the nature and status of action take on my complaint of document Forgery. Also sought information on the bank rules and regulations on the supposed action that needs to be taken upon receipt of such complaints.
I had received a reply on 11-06-2010 from the CPIO with the banks rules and regulations. Also wrote a cover note stating the recent facts of the case and conveniently ignoring the fact of Forgery Complaint by stating that no information is held against any bank officers on any action taken on them. (Enclosed copy of the same).
I would request you to take the necessary action on the Banks irresponsible behaviour towards the complaint on a fraud like document Forgery. This is despite the fact that the Hon’ble high court of Andhra Pradesh had directed the bank to consider my objections and address them appropriately.
I seriously condemn the rude and condescending behaviour of the bank’s officials in the entire episode forcing me to opt for a one time settlement.
I cannot put in words the mental agony and the hardships I had faced apart from the severe financial losses I faced because of the breach of trust by the bank’s authorities.
Request you to kindly investigate into the case holistically and do justice to me.
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