What help you can give to prevent suicide by children of this man cheated by coop bank?

Question

What remedy this man cheated and destroyed by cooperative bank can have?man can avail?
Can Debt recovery and attachment procedures by Delhi cooperative bank stayed? The bank in fact has cheated him.
Th cooperative banks in delhi have designed procedures to cheat the gullibles by eliminating written works. The agents of the bank offered Rs 5 lakhs as loan . But they gave him 2 lakhs against property of rs 10 lakhs. not before creating a charge .The most of the dealings took place orally and spontanously . The bank got papers nearly 50 in numbers signed and retained it. Loops holes have deliberately created. This is the modus operandi. The business he has started depending on the loan has flopped because of under financing. He could not purchase raw materials and machineries.His children are threatning suicide if their only dwelling house is taken over and they are forced on the street. Can anybody please advise ? Can anybody help?

Answer 1

There seems to be three aspects.

(i) Frustration in children due to circumstances>>

Your family is passing through difficult times. You people require patience and trust in God. Every member of the family should boost each other's morals. Just because of heavy monetary loss it is not life's end. It is a matter of time. "This too will pass". Incoming years - by grace of god the family may earn more and gain more prosperity. You being elder person, please reconcile the situation and make all family members understand that it was effect of wrong time and blame for wrong decisions if any must not be discussed at all. The necessity of time is to increase positive thinking. All members of family should unite to face the problem.

(ii) Legal remedies>>>

I donot comment. You yourself are a lawyer. You know the procedures are quite time-consuming, expensive and mental-tension- increasing. Better to avoid. But you are better judge.

(iii) Practical suggestion>>

Much mental tension seems to be house.The bank has given Rs.2 lac only against its value of Rs.10 lac. Due to underfinancing child's project has flopped. At this juncture, you can have dialogue with some good bank or financial institution. Get the house refinanced. If you get loan which interalia is sufficient to repay the loan ofCo-operative Bank - you will get rid of relationship of Co-op. Bank and the property will not be disposed off immediately at throw-away price. Your family get more time to repay the loan.