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NRI's Beware of Banker - Builder Nexus in India

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NRI's Beware of Banker - Builder Nexus in India

Last updated: February 14 2015
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  • NRI's Beware of Banker - Builder Nexus in India

    COURT DIRECT POLICE TO INVESTIGATE CHEATING CASE FILED AGAINST MERLIN PROJECTS LTD & UNION BANK OF INDIA.
    A cheating case was filed against Merlin Projects Ltd & Union Bank of India for offences committed u/s 420/427/120B of the Indian Penal Code and the Chief Judicial Magistrate, Alipore Court, Kolkata, giving due cognizance to our complaint, directed the Police to investigate the case.
    Case Ref No.is 1326/08 and Process No. is 775/08.
    To know more, please go to consultcal.googlepages.com/merlinprojectsltd,cheatingcase
    Last edited April 28 2008, 04:56 PM.
  • #2

    #2

    Re : NRI's Beware of Banker - Builder Nexus in India

    Why only NRI's .. This should be for everybody..

    The nexus is prevalant even with reputed builders. Hiranandani Oragadam doesnt have many approvals in place Yet its project is 'approved' by most of the leading banks. Name the bank you will find it is approved.

    Comment

    • #3

      #3

      Re : NRI's Beware of Banker - Builder Nexus in India

      Pay for their Greed !!!

      Its fine that NRI's are getting treated like this. They are the one of the Biggest Culprit for the Highly Over priced Indian Real Estate market. These NRI's want fast and quick money and have increased the value of the Market. At last they are getting kicked out from US?UK ... and coming back again to India.
      Na Ghar Ka Na Ghat ka !!!
      Either land or AIR and FOOD. Choice is yours.

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      • #4

        #4

        Re : NRI's Beware of Banker - Builder Nexus in India

        Pretty Sad

        Originally posted by arin_12 View Post
        Its fine that NRI's are getting treated like this. They are the one of the Biggest Culprit for the Highly Over priced Indian Real Estate market. These NRI's want fast and quick money and have increased the value of the Market. At last they are getting kicked out from US?UK ... and coming back again to India.
        Na Ghar Ka Na Ghat ka !!!
        Arin,
        Its sad that you have these views. How many NRI did you meet, before drawing this conclusion? What stats do you have that NRI are responsible for this price hike? I am NRI and waiting to buy property since 2007.
        There are all kinds of people in the world. Its not just NRI, there are many stupid, impatient people in India too, who felt that RE always goes up and invested like stock market, buy now and sell after year, to get 100% returns. I personally know 3 people in India who have invested like this.
        So dont just blame NRI. It sounds more like you are frustrated that you are not NRI.

        Comment

        • #5

          #5

          Re : NRI's Beware of Banker - Builder Nexus in India

          GREED not NRI

          It is the greedy builders/re agents who are the ones to be blamed .It is very easy to blame a particular group of people cause talk is cheap

          Comment

          • #6

            #6

            Re : NRI's Beware of Banker - Builder Nexus in India

            Greed and NRI

            In the name of right to speak, someone has blamed the NRI for the high prices in property market in India. The opinion is not true as NRI always pay the white money and the money they have earned the hard way whereas our Indian counterpart always will pay in white and black . How many workers in many gulf countries are paying big money to agents in India and then send to the gulf at meager salaries where they have to work in very hot and hard conditions to at least work for one year to pay for those agents and then can save some money for their families. NRI never believes in any show off whereas if you go to any restaurent, mall , cinema hall in India, you can see resident Indian spending money lavishly whereas a NRI think ten times before spending any money and often wonders that who says most of the Indian are poor when in cities they are spending money lavishly. NRI earns money honestly and with hard labour whereas in India many earns money by bribery, corruption and with political links. A Cholle wala created such a Chooegate kand in Delhi, which is not possible in any other part of the world.
            NRI is not rising the prices in India but they are often cheated by many builders.
            Jai Hind

            Comment

            • #7

              #7

              Re : NRI's Beware of Banker - Builder Nexus in India

              I am an NRI and trying to buy a property in india since 2006. I did not buy any property cause I can not afford and so does most of other NRI's. Biggest question is if NRI's can't afford then who is buying all these over priced inflated properties? Definitely people with black money like politicians, mafia people and most of the business people who does not pay taxes to the government.

              As other fellow said, an NRI earn money honestly working under severe weather conditions away from family and friends. Absolutely false statement that NRI's are culprits. We think 100 times to spend money when we come to india because its hard earned money.

              Take back your workds. Your words speak about your immature mind. Think twice before you write.

              Comment

              • #8

                #8

                Re : NRI's Beware of Banker - Builder Nexus in India

                WITHOUT PREJUDICE

                Dear All,

                We have learnt that one Mr. Partha Roy has been sending letters and e-mails to you with certain allegations.

                The matter is subjudice and Mr. Partha Roy is sending distorted information suppressing a number of facts and his defaults.

                We would like to emphatically state and place on record, that the said allegations are ill motivated, ill conceived, fabricated and totally unwarranted with motive of illegal gains.

                We would like to inform the readers some past records about Mr. Partha Roy & his son Pandav Roy.

                A. Mr. partha roy is Defaulter in 12 cases involving different banks/financial institutes.
                B. his son, Pandav Roy (joint agreement holder) is defaulter in 5 cases involving different banks/financial institutes.
                C. The defaults by both father and son are against home loan, credit card bills, car loans, education loan and personal loans as per reports by Credit Information Bureau (India) Ltd. (CIBIL), a company promoted by and serving to banks and financial institutes, such as icici, hdfc, sbi and other banks etc.
                Report from Credit Information Bureau (India) Ltd. in the name of Mr. Partha Roy and Pandav Roy showing their default is attached herewith.

                D. mr. partha roy was also accused in Cheating case being no. 82/2004 at Kalighat Police Station, kolkata.


                To briefly sum up, Mr. Partha Roy & his son Pandav Roy paid us a token amount against their commitment, towards the initial payment and arranged with Union Bank of India, to finance the balance payment, of the purchase consideration.

                As per records, Merlin Group never had any transaction with Union Bank of India, Sarat Bose Road branch, apart from the home loan matter of Mr. Partha Roy and Pandav Roy.

                Further, it was Mr. Partha Roy / Mr. Pandav Roy who wanted the home loan from Union Bank of India because his wife had an account in the same branch.

                Mr. Partha Roy / Mr. Pandav Roy thereafter gave another cheque of Rs. 1, 93, 750/- favouring Merlin Projects Ltd. towards approximately 15% of the total consideration. This cheque of Rs. 1, 93, 750/- was dishonoured twice upon presentation (copy attached).

                One Tripartite Agreement was entered into between the accused, Merlin Projects Ltd and Union Bank of India, Rash Behari Branch for the purpose of availing of home loan by accused from Union Bank of India.

                However inadvertently, the fact of dishonour of the cheque for the sum of Rs. 1, 93, 750/- escaped the notice of us and so the provisions of the Tripartite Agreement was laid down without mentioning the fact of dishonour of the cheque of Rs. 1, 93, 750/- .
                Mr. Partha Roy was required to repay Union Bank of India, Rash Behari Branch, a sum of Rs. 13, 020/- w.e.f April 2004 by way of several equal monthly installments (EMI’s). After repayment of the first 5 or 6 EMI’s, i.e. from October 2004 (Intimation letter dated 2nd March 2005 from Bank attached), Mr. Partha Roy & his son Pandav Roy started defaulting in making repayment of the EMIs to Union Bank of India. The Union Bank of India after waiting for nearly two years, during which they repeatedly requested, reminded and insisted upon the Mr. Partha Roy & his son Pandav Roy to repay their dues to the Bank through EMIs, got the Row House sold to M/s. Murarka Advisory & Holdings Pvt. Ltd by invoking the provisions of the SARFAESI Act.
                Mr. Partha Roy has alleged that we have not registered the Sale deed in favour of his son / himself. But the registration of the Row House No- B-15 at Merlin Greens Complex could not be executed in favour of Mr. Partha Roy for the following reasons:

                a. The sum of Rs. 1, 93, 750/- which was due from Mr. Partha Roy remained and still remains unpaid.

                b. Mr. Partha Roy and his son never came up with the stamp papers or the amount required to be paid towards stamp duty or any pay order favouring the Registrar of Assurances for the purpose of registration of the Deed of Conveyance.

                c. Several letters from time to time were addressed by the Bank to Mr. Partha Roy and Mr. Pandav Roy, with a copy being marked to Merlin Projects Ltd. reminding that they were turning out to be a progressive defaulter. Upon coming to know that Mr. Partha Roy is not making the repayment to the Bank, Merlin Projects Ltd. grew apprehensive, because in the event of Mr. Partha Roy’s failure to repay the Bank, Merlin Projects Ltd being the guarantor, was required to replenish the Bank. While harbouring such a sense of fear, it was not possible for Merlin projects Ltd to transfer the property to Mr. Partha Roy, notwithstanding the sum of Rs. 1, 93, 750/- which was already due. A number of letters were also sent by Merlin Projects Ltd to Mr. Partha Roy in this regard.

                The bank vide their notice ref. NRO:KOL:CRLD:940A:07 dated 24.04.07 (copy attached) addressed to Mr. Partha Roy, with a copy to us, informed him, of their decision for enforcement of Security Interest Action Notice, in respect of the said premises and demanded that all outstanding, inclusive of interest, be paid by them failing which, the Bank would invoke Section 13(2) of the Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act 2002

                As per information available to us, Mr. Partha Roy paid a very small amount only covering few EMIs towards repayment against a loan of approx Rs.14, 00, 000/-. Against this default, bank foreclosed his loan account under SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT SECURITY INTEREST ACT, 2002 (SARFAESI) in Mid 2007.

                Mr. Partha Roy approached Kolkata High Court and requested for Stay in proceedings under SARFAESI Act initiated by the bank but the High Court ordered the Union Bank to take its own course (order of High Court enclosed) .

                Union Bank of India, took possession of Row House No- B – 15 on 24.08.07 under SARRFAESI Act by the Authorised Officer of the Bank. The Minutes dated 24.08.07 (copy attached) of taking possession, of the Row House and secured assets of Mr. Partha Roy and Mr. Pandav Roy, would clearly go to show that the borrowers Mr. Partha Roy and Mr. Pandav Roy, had voluntarily delivered physical possession of the Row House and secured assets which were taken in possession in his presence by delivering a copy of the possession notice as per Rule 8(1). As per the Minutes, the house was found to be vacant and only some unused utensils and clothes were found lying inside the premises, inventory of the same was made as per Rule 4(2). The Minutes were drawn in presence of witnesses and was duly signed by Mr. Partha Roy.

                The said Inventory was prepared on 24.08.07 at 3.30 P.M. in presence of Mr. U. K. Sinha & Mr. Srikant Das. The Inventory was also signed by Mr. Partha Roy. In the said Inventory it was clearly stated that only the following articles were found.
                1) Aluminium Trolley
                2) One plastic chair
                3) 3 cartoons containing utensils etc.
                4) One bag with old clothes
                5) Kitchen utensils
                6) Five ceiling fans
                7) Light fittings

                The estimated value stood at Rs. 5, 000/-. It was further stated in the inventory that all the movable items were kept in the house which was taken possession in presence of Mr. Partha Roy. It was further laid down in the inventory that according to Mr. Roy, “the items are used and household one without any value”.
                In the light of the Minutes and the Inventory that was prepared on 24.08.07, it is clear that the property was re-possessed by Bank and Merlin Projects Ltd was not involved in such recovery process by Bank, as such, all allegations and claims made by Mr. Partha Roy against Merlin Projects Ltd. are totally absurd and frivolous and without any legal force.
                The Order passed by State Consumer Disputes Redressal Commission in favour of Mr. Partha Roy and his son is stayed by National Consumer Disputes Redressal Commission on the grounds:

                (1) Mr. Partha Roy has cunningly not made Union Bank of India a party in the aforesaid case

                (2) Mr. Partha Roy has intentionally suppressed many facts of the case including his defaults of payment which was to be made to the bank as EMI and to us against the Earnest Money (Rs. 1, 93, 750/- and the most important fact that the Union Bank invoked SARFAESI Act due to default.

                Mr. Partha Roy should update his website with the aforesaid facts and stop misleading people.


                After the re-possession of the Row House by bank, Mr. Partha Roy started creating red herrings by way of raising baseless disputes, in the matter and thereafter, sending various letters, complaints and e-mails to different forums.

                With regard to the complaint before the Learned Chief Judicial Magistrate, this is nothing but an exercise to harass us. The Learned Chief Judicial Magistrate has directed the Police Authority to investigate into the matter. There is no Order to proceed against us as claimed by Mr. Partha Roy. Truth will prevail.

                As a matter of fact, the motive of Mr. Roy is to harass us and squeeze money from us as per subsequent letters sent to us (Copy attached).

                The e-mails sent and website created by Mr. Partha Roy are full of wrong information created as per the convenience of Mr. Partha Roy. However, the attachments will throw light on the actual story.


                For and on behalf of

                Merlin Projects Ltd.


                List of Attachments can be seen at link. []http://sites.google.com/site/proysdocsandfacts/home/asd[/URL] ]
                1. CIBIL Report in the name of Partha Roy
                2. CIBIL Report in the name of Pandav Roy
                3. Information from bank about bouncing of cheque
                4. Letter from the bank informing default by Mr. Roy.
                5. Order of High Court
                6. Order passed in proceedings of SARFESI Act
                7. Minutes signed between the bank and Mr. Partha Roy recording the repossession by bank.
                8. Letter sent to us by Mr. Partha Roy requesting us to give him another bungalow.

                Comment

                • #9

                  #9

                  Re : NRI's Beware of Banker - Builder Nexus in India

                  Inflated prices and NRI

                  Originally posted by javaguy_pk View Post
                  I am an NRI and trying to buy a property in india since 2006. I did not buy any property cause I can not afford and so does most of other NRI's. Biggest question is if NRI's can't afford then who is buying all these over priced inflated properties? Definitely people with black money like politicians, mafia people and most of the business people who does not pay taxes to the government.

                  As other fellow said, an NRI earn money honestly working under severe weather conditions away from family and friends. Absolutely false statement that NRI's are culprits. We think 100 times to spend money when we come to india because its hard earned money.

                  Take back your workds. Your words speak about your immature mind. Think twice before you write.
                  Hello friends,
                  I am an NRI and had been trying to buy a flat in Navi Mumbai since 2005.
                  First I booked a 2 BHK in Sanpada in 2005 800/s.ft. Before the first instalment was due, the builder told me rates went up to 1400/s.ft. I had to cancel because I could not afford. The builder will not give me the whole booking amount. I lost 25% of the booking amount.

                  So, after 5 years, I decide to buy a flat India bulls Green in Panvel, they quoted 2400/ sq.ft and I was ready to book and in the process of transfering money, I get a mail from the builder that all the flats in phase I are sold out and new prices on phase II is 3350/s.ft.

                  It is all the nexus of the real estate agents. NOT NRI'S. Real Estate prices in India has come to a point where even a 50 year old NRI cannot afford a flat in a decent city in India. All I am looking is for a 2BHK to stay for a few months every year after our retirement.

                  5000 flats sold in one day in a property exhibition? It should be mostly by the brokers. with 10 lakhs you can book 10 flats. Then inflate the prices and sell. That is how the prices went up. NOT THE NRIs.

                  Comment

                  • #10

                    #10

                    Re : NRI's Beware of Banker - Builder Nexus in India

                    An impartial legal opinion

                    An impartial (and free) legal opinion on the above issue:

                    The reply of Merlin Projects Ltd appears to incriminate them further instead of absolving them. Reasons for expressing this opinion are duly explained below:

                    1. The matter of Bank Loan defaults/CIBIL Reports are not relevant to the cases filed against Merlin and will not absolve them if they are proved to be otherwise guilty;

                    2. CIBIL reports can only be accessed by CIBIL Members (generally Banks). If Merlin is not a member and have used the reports for purposes other than intended then they could be slapped with severe criminal charges under IPC and the IT Acts.

                    3. The CIBIL Reports appear to be incorrect because names of the lender banks (except ICICI Bank) are not displayed in the reports which would appear to indicate that ICICI Bank passed on the reports to Merlin Projects Ltd.

                    4. Even if the CIBIL reports are genuine, the complainants would most likely file criminal charges against Merlin & ICICI Bank for illegal access and misuse of the said CIBIL reports and could obtain compensation in Crores of Rupees from Merlin and ICICI Bank.

                    5. From the content of their website, it appears that the complainants are quite well off, well educated, are tax payers and do not seem to be the typical types who would cheat Banks by taking multiple loans. Their website would invoke public sympathy and favourable court decisions. Also, as per the CIBIL Reports, the complainants are PAN card holders and it is quite impossible for Pan Card holders to obtain repeated loans from different Banks. This matter should have been verified thoroughly by Merlin before publicizing the issue of loan default by the complainants. However, in this respect, Merlin seems to have already burnt their fingers by accessing and displaying the CIBIL Reports.

                    5. From the High Court Order it appears that applicability of the SARFAESI Act for repossession of the property was not admitted and the matter was kept open for mention. It also appears that the Court directed the Bank not to take any action in regard to the property till the writ petition was disposed off. Therefore if Merlin and / or the Bank disposed off the property while the said writ application was 'sub-judice' then such action would be deemed as invalid and the sale would be cancelled. Also, both the parties would face charges for having acted in violation of High Court Orders.

                    6. The personal items left by the complainant in the property seems to be a bait set up by them with the motive of retaining symbolic possession of the property till their writ petition was disposed off. If Merlin and/or the Bank allowed access rights of the property to any 3rd. party before applicability of the SARFAESI Act on the property was admitted by the High Court then the complainants can, even falsely, claim losses, damages or theft to prosecute the Bank and Merlin and it is likely that their charges would stick.

                    7. The complainant appears to have received a very favourable Order from the Consumer Court. It is unlikely that higher Courts will overrule this very strong Order passed by a Senior High Court Judge.

                    8. From their action of filing cases in various courts, it appears that the complainants are investing large sums of money to entrap Merlin and/or the Bank in a legal manner. The complainants do not appear to have any interest in getting back their house and are only mentioning this to garner public support as well as the sympathy of Courts and law enforcement officers.

                    9. It appears that the Police are delaying the matter to see if the case can be mutually settled by the concerned parties or if Merlin can somehow pressurize the complainant to withdraw the cases filed by them. However, going by the evidence submitted by the complainants and the Order passed by the Consumer Court, it seems impossible for the Police to avoid issuing a charge-sheet against Merlin and the Bank and if they do not do so, the complainant may approach the CBI in which case even the concerned Police Officials may face charges.

                    If the complainants have really defaulted on loans then they would care two hoots for their reputation after managing to swallow the loan amounts and they would be fully aware that only the concerned Banks can prosecute them and not Merlin.

                    If they are not loan defaulters then they would slap Merlin with other charges and make them stick.

                    If the Police or any other law enforcement agency should file a charge sheet against Merlin (which appears to be inevitable) then the complainants would cause huge loss of reputation to Merlin by widely publicizing the matter.

                    For Merlin it is a case of "heads you win, tails I lose".

                    FREELEGAL


                    Originally posted by meconsult View Post
                    COURT DIRECT POLICE TO INVESTIGATE CHEATING CASE FILED AGAINST MERLIN PROJECTS LTD & UNION BANK OF INDIA.
                    A cheating case was filed against Merlin Projects Ltd & Union Bank of India for offences committed u/s 420/427/120B of the Indian Penal Code and the Chief Judicial Magistrate, Alipore Court, Kolkata, giving due cognizance to our complaint, directed the Police to investigate the case.
                    Case Ref No.is 1326/08 and Process No. is 775/08.
                    To know more, please go to ="http://consultcal.googlepages.com/merlinprojectsltd%2Ccheatingcase"]consultcal.googlepages.com/merlinprojectsltd,cheatingcase[/URL]

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