Respected Members and friends, i wish to seek your suggestion on an issue pertaining to a business man cheating banks (17 banks) with Rs.800 Crores, basing on all fabricated statements and fraudulent methods, and bribing bankers and all others who have helped him in raising such huge finances. presently few bankers have declared NPA against this business man, and he is not repaying the money since last one year. the fact is he had utilized the entire money for his personal use and personal assets. now he is planning to abscond to abroad. can any one suggest me on this issue. can we ask the court to provide direction for immediate recovery or depositing passport in the court. a suggestion on to this is very much required as the money bankers had given him is the money of a common man who had deposited his hard earned money in bank.
From India, Hyderabad
Dear Sreeram
In such cases you cannot file any PIL. In this there is no such Public Interest is involved. But the affected banks can file a case against the defaulter to repay the loan amount and if the evidences are strong enough in the hands of the Bankers then they can request the Court of Law to restricting him from absconding by confiscating the Passport. Further they can put up an application to RBI to freeze all his accounts in all the banks in India. Further they can file a civil suit for attaching all his property as surety for his loan amount.

From India, Kumbakonam
Sir, while appreciating your concern, i wish to submit that the amount of loan given away by the banker is a public money, wherein a common man had deposited his hard earned money in the bank, god forbidden if something happens to the banker say Corporation Bank, then the loss incurred by the banker will be definitely served upon to the common man in any fashion. pl guide me if i am wrong sir
From India, Hyderabad
Dear Sreeram
Normally the Banks must have some deposit with RBI and even if the bank declared insolvency then also the investors will get their money. First preference will be given to Savings Account, then RD, then FD and finally the Debentures. But the Shareholders cannot claim any loss.
The loan will be given to any person at the discretion of the bank. Hence the loss will be borne by the bank and not the customers.
In this case we cannot file any PIL.
Further if at all you want to file any case then you can file only against the bank and not against the borrower of loan.

From India, Kumbakonam
I Like to know that once submitting resignation and taking PF amount (PF application signed from same ex employer--means accepting and reliving).
Can the ex employer can sue him in civil court or labor court for any misconduct in his tenure,(whatever kind it is)
Ex employer is pvt ltd company, what would be the hold on ex employee can we put a case on ex employee.
What kind of offence/misconduct may be considered for filing a case.
For instance after 2- 3 year if he/she is found involved in a theft/de-morale,etc

From India, Bangalore

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