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legal charges under section 420

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  • legal charges under section 420

    dear sir, I sanctioned four mortgage loan of 7.5 laks each to one borrower who took loan in different names, promising to repay, he became defaulter .. bank has put a criminal case under section 420, unfortunetly even my name has been included as accused, though
    there is no malafides on my behalf, the case is given to session court, what procedure
    I should follow, now that I am retired from service, one year all ready over want to spend my life peacefully, i am clean unnecessary involved in all these please help me

  • #2
    Re: legal charges under420

    If you sanctioned 4 loans to the same person using 4 different names/identities, and they defaulted on any of those loans, it's entirely possible that you can be held liable for that. After all, you knew that the same person was entering into 4 different loans under assumed identities, so it can be assumed you knew that they intended to defraud the lender.

    I would suggest getting an attorney - FAST.
    "If it ain't in writing, it never happened."
    "A lack of planning on your part does not constitute an emergency on my part."
    "You can never make the same mistake twice, because the second time you make it, it's not a mistake, but a CHOICE."

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    • #3
      Re: legal charges under section 420

      I would suggest you to seek the help of an attorney as soon as possible. If you have knowingly sanctioned 4 mortgage loans to the same person in different names and if he defaulted, you are equally liable with him for the act of fraud.

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