1) it is necessary to peruse agreement signed by you with the NPA account holder

2) it appears that property was sold to you on as is where is basis

3) in such a case you have to do due diligence and check whether title is clear and marketable

4) there is no documentary evidence that bank informed you that title is clear and marketable

5)if patta of land is fake you have to file police complaint of cheating , criminal breach of trust against the seller.under section 406, read with section 420 of IPC

6) sue the seller to recover your money paid with interest

HI

1) It is a classic case of cheating and fraud played upon you by the bank manager who has abused his official position and also committed criminal breach of trust of the fiduciary relationship existing between the banker and the client.

2) The bank will also be held responsible for the fraudulent act of the banker.

3) You are entitled to file a criminal complaint under sections 25, 405, 409, 420 of IPC against the NPA account holder, Bank manager, Bank Staff and the Bank on the basis of the following documents:

a) The agreement signed both by the NPA account holder and yourself wherein the clause ‘as is where is” is incorporated outlining the details such as after the payment of the loan by you in full, the NPA account holder gets their home and the company will be transferred to you that has the secured landed property in the bank and is held in the NPA company holder’s company’s name.

b) Proof of the payments that were made as the internal payments to the NPA holder’s accounts.

c) Proof of Initial payment of advance for the above mentioned agreement that was paid to an account in the same bank which you found out to belonging to the bank manager’s relative.

4) You should also note that under section 468 of Cr.p.c(limitation clause) you should file the complaint within 3 years from the date of your payment.

5) Filing of criminal case will result in punishment of the fraudulent bank manager, his relative to him the money was remitted and the NPA Account holder and bank will also be liable to pay you damages for the fraudulent act done by the bank manager.

6) You will also recover your money along with interest from the bank subsequent to you filing the criminal complaint.

7) There are other alternatives such as complaining to Chief Vigilance officer of the bank that are available to you in case you wish to resolve the matter at the earliest, but you cannot claim damages from the bank if the chief vigilance officer resolves your issue.

8) Alternatively if the value of the monies lost is greater than Rs300lakhs(Rs3Crores) you can also file a complaint to Central bureau of Investigation (CBI) against the bank, its bank manager and other staff.

Foot note:

Section 25 of IPC- Fraudulently.

Section 405 of IPC-Criminal breach of trust by NPA holder

Section 409 of IPC . Criminal breach of trust by public servant, or by banker, merchant or agent.

Section 420 of IPC - Cheating.

Hope this information is useful

1. This is not the way to buy mortgaged properties from the Bank after the accounts become NPA and SARFAESI Action is initiated against those defaulting Borrowers.

2. You have been completely duped and cheated by the Bank Manager probably being in collusion with the NPA holder.

3. The outstanding amount of the NPA holder can not be paid to the account of the relative of the Bank Manager.

4. Before entering in to such deal, you should have entered in to a tripartite agreement with the Bank and also the NPA holder in connection with your acquiring the mortgaged property after your clearing the debt of the NPA holder.

5. Since you have remitted the amount through Bank transaction, it can not be denied that the Bank has received the amount from you.

6. Bank can not receive and accept payment from X to settle the dues of Y.

7. so, the Bank shall have to show where they have used the said amount and why?

8. Hope you have not given any thing in writing to the Bank stating that you are making payment of the amount settling the dues of the NPA holder voluntarily.

9. Write to the Bank immediately claiming back the said amount paid by you to yours particular Bank account immediately.

10. In case the Bank fails to do that lodge a police complaint marking a copy thereof to local S.P./D.C and also Bank's Ombudsman and Chairman.

11. If police does not take any action, file a Writ Petition before the high court against police inaction seeking relief.

1. You failed to conduct due diligence before purchasing the property. The duty to care i.e caveat emptor was on your shoulders.

2. Now file a criminal case for cheating and criminal breach of trust against the branch manager and also file a civil suit to recover the sale consideration with heavy compensation.

1) the period of 3 years would be counted from date of discovery of fraud

2) you can issue legal notice to NPA holder before filing of suit

3) if he refuses to pay then file suit to recover your money with interest

4) if money was paid in Chennai and bank branch is in Chennai suit has to be filed in Chennai

5) complaint to CBI can be made in writing by you directly

6) legal fees vary depending upon lawyer engaged by you

Is there any possibility of recovering the amount we paid towards this transaction from Bank?

Or alternatively get the bank to retrieve the share of the house property of the NPA account holder that was held as another security at bank towards these loans.

Or claim damages from Bank?

You have been cheated by an individual or group of individuals in collusion.

The bank cannot be held responsible to this fraudulent act.

it is the manager who cunningly and cleverly manipulated all the records in order to make you belief that it is genuine.

It was your fault that you did not obtain legal opinion from your own advocate.

You did not even get a doubt about why should you pay the amount to four different accounts and one being the relative of the bank manager.

So you have been fooled by individuals and not be by bank'

You may initiate a criminal complaint agaisnt the bank manager, the account holder and who all shared your money.

You lodge a criminal complaint and expose this racket to the world. You may lodge a complaint with the crime branch police.

The bank will not come to your rescue until you make a complaint against the bank manager with it.

Would the last date to file the case will be 16-Jul-2017?

The last date would be 17.7.2014

1. The criminal complaint should be lodged with the jurisdictional police station

The cost and other details may be enquired form the advocate who you would engage.

2. You cannot make a direct complaint with the CBI, instead you can prefer a complaint with the District crime branch or economic offences wing of police.You can submit your complaint directly.

Costs:

What would be the approximate legal costs would be to get the outcome?

It depends on what cases you intend to file and complaints you would lodge.

1. You shall have to file the Civil Suit within 3 years of the date of the cause of action i.e. with in 16.7.2017. Lodge complaint to Police and Bank's Management including the Ombudsman and then file the Writ Petition before the Hight Court at Madras as suggested in my earlier post.

2. The Court will judiciously levy penalty/compensation and cost for which claiming excessive amount towards compensation and cost should be avoided.