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Warning of Fraudulent Practice by Broker and Bank

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Warning of Fraudulent Practice by Broker and Bank

Last updated: June 16 2010
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  • Warning of Fraudulent Practice by Broker and Bank

    Last year I have purchased a auction property from IOB through a broker.
    He said, I have good knowledge in this business and I have a good contact with all the banks, so I can easily win the property from auction and that property worth is around 22 lakhs.

    If you pay me 19 lakhs(including Auction amount & to vacate the lease holder from that property(he also said he already spoke with that lease holder and fixed the amount)) is enough.

    I believed his words and he has mesmerized us some way, so I visited that property (unfortunately no one was there, I enquired the neighbors about the market rate etc..) we decided its worth to purchase the property.

    We won the Auction in my name for Rs 15,40,000. and IOB asked to pay 25% initial amount, I paid 385000 to IOB on the same day and that broker taken Rs 125000 (He said he has to pay to persons who ever has participated in the auction).

    After few days I came to know the below litigation/problems on that property..

    1.The defaulter(house owner) sued case against the bank in MUMBAI DRAT and case is still pending (earlier the house owner got stay order and bank has broken the stay order)
    2.The lease holder is not ready to vacant(he is asking rs 5,00,000 to vacate) not sure which type to agreement does he has with house owner(Unable to get any information).

    I was discussing the above problems with IOB, they said we sold the property ‘As is where is’ basis so you have to face all this..

    I was asking bank for my amount refund but IOB said your amount is already forfeited so the one and only way is you can take the property (also said orally, we will give some petition to the collector/ magistrate reg the vacation of the property)

    Please any one help me how can I proceed now..

    Thanks in advance for your help..
  • #2

    #2

    Re : Warning of Fraudulent Practice by Broker and Bank

    Thanks for informing the group of this fradulent practice. Nothing seems straightforward in dealing with real estate

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    • #3

      #3

      Re : Warning of Fraudulent Practice by Broker and Bank

      Sorry to hurt you; but you've hurried up in buying the property - while you visited the property, you should have spoken to the lessee about vacation before committing.
      Banks generally sell any asset on "as is where is basis".
      Its better that you spend few thousands and take legal advise on how to proceed further instead of only relying on guidance from friends and forums - they can at best guide you but not advise on such legal matters which are case specific.

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      • #4

        #4

        Re : Warning of Fraudulent Practice by Broker and Bank

        Originally posted by greschennai View Post
        Sorry to hurt you; but you've hurried up in buying the property - while you visited the property, you should have spoken to the lessee about vacation before committing.
        Banks generally sell any asset on "as is where is basis".
        Its better that you spend few thousands and take legal advise on how to proceed further instead of only relying on guidance from friends and forums - they can at best guide you but not advise on such legal matters which are case specific.
        My friend remember one thing in life "There are no free lunches" !!

        Sorry to hear what happened with you, I guess it would be wise to talk to a legal advisor about this matter.

        regards,
        vineet.

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        • #5

          #5

          Re : Warning of Fraudulent Practice by Broker and Bank

          my advice would be to let go of the sale,do not pay the balance whatsoever the bank and the broker says,the matter might take years to solve.
          I would advice you to file a suit for the recovery of 25% thru a preferably known lawyer.confirm that the lawyer does not take you for a ride.(pan to fire).

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