1. If there was a loan lying in the name of your husband then he is liable to pay it back legally,
2. No body will listen to the story that te card was taken by his employer who withdrew the money etc,etc,
3. If such thing has happened then he should have reported the matter to police. Since he has not done so, then he is liable for repaying his outstanding dues,
4. However, he can escape from the clutches of the Bank since the claim has already been berred by limitation,
5. If the Bank files any Recovery Suit against your husband for the amount taken in the year 2007, then it will be rejected by the Court for being barred by limitaion,
6. So, your husband is legally safe in India.