INDIA. Mumbai: At the Lonavala City Police Station in Pune district, Maharashtra, a FIR (No. 36/2022) has been filed against several Kotak Mahinda Bank staff on charges of collecting greater interest from a borrower by allegedly tampering with the records of the loans acquired by him.
According to the complainant, Ashok Purohit acquired two loans from the bank’s Lonavala branch: Rs 62,86,356 (savings account No 07113711802) in 2014 and Rs 03/-crore (current account No 2411551904) on February 26, 2015. The bank, on the other hand, charged 12 percent interest on the initial loan, despite the fact that it had agreed to charge 10.3 percent.
“The bank charged 11.5 percent interest instead of 11.3 percent on the second loan,” Purohit said.
He stated he lost between Rs 20 lakh and Rs 25 lakh as a result of the higher interest charged.
Furthermore, on August 30, 2013, the bank that had rented his premises (shops 7 and 8 at his Krishna Inn Private Limited) departed the premises three years late (instead of 2018, the bank vacated the premises in 2020). Purohit alleged that he lost over Rs one crore as a result of these transactions in an interview with the Transcontinental Times.
“The bank offered me a loan of Rs. Rs 62, 86,356 although I was not willing to accept it. The bank officers also suggested that the loan repayment can be adjusted against the rent due to me from the bank. Purohit had rented out 972 square feet area for a monthly rent of Rs one lakh, with Rs 6 lakh deposit to the bank. “
But the bank changed the title of the loan from “Lease rental discounting” (LRD) to “Loan against property” (LAP) with 12 percent interest instead of the agreed 10.3%, Purohit alleged.
However speaking to the Transcontinental Times, Ashish Athalye, Vigilance Officer of the Kotak Mahindra Bank said that the matter is being investigated, and if at all any loss the complainant has suffered, the bank will give due compensation.
The loan obtained by the borrower was a joint loan involving his family members and one of the members had stopped paying the Equated Monthly Instalments, making the bank initiate action. The bank acted as per the prevailing law.
“Also, this matter is a civil matter and the aggrieved party can always approach the RBI ombudsman instead of approaching the police. This is not a criminal cause and it is not clear, why the bank officers should be booked under various sections of the IPC,” Athalye added.
The police which registered the FIR under the sections 34, 420, 467, 468, 471, and 472 Indian Penal Code, naming seven officials including the bank MD and CEO Uday Kotak as the accused, took into custody the bank’s loan officer-Alankar Khare on Saturday.