Name of Complainant	Shailesh
Date of Complaint	January 30, 2021
Name(s) of companies complained against
Category of complaint	Real Estate
Permanent link of complaint	Right click to copy link
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Text of Complaint by Shailesh:

Dear Company, Greetings trust & wish you are fine. At the very outset, let me make a lucid & forthright point-“i am veraciously upset with your tata capital housing loan team in the city of mumbai.”Curt explanation on what has happened with my loan account 9349911″in the year 2010, i have availed tata capital housing loan for my first house in pune and the ecs was debited from my savings account with axis bank ltd.

We would like to bring our case where officials of tata capitals have in collaboration with builder have cheated us and by passed all procedures to gain disbarment of loan. Never expected from a company of high repute. 

My self Shri Vaman and Sawant, mumbai indian occupants, residing at thane, have following complaints, 

Tata capital are the finance partner in group housing project floated by d s kulkarni developers limited (Hereinafter for the sake of brevity to be referred to as ‘the said developer’), in the project known as ‘dsk dream city’ at pune and advertised scheme in collusion with the said developer known as dsk’s master plan – “adhi ghar paise nantar”

Tata capital officers introduced me to get flat property financed from you and need not pay any emi/interest on loan amount disbursed in advance to the developer till the possession of flat is delivered in the scheme – dsk’s master plan – “adhi ghar paise nantar”. 

In pursuant to advertisement and representation we agreed to acquire the flat as ‘the said flat’) article of agreement dated 25.04.2015 Tata capital officers colluded with the said developer by sanctioning loan amount of rs. 68, 61, 735/- vide your letter dt. 19.05.2016, loan a/c no. 9649911, from your ghatkopar (East) branch. 

We were requested to sign on papers without allowing or explaining the said clauses of loan agreement. Many clauses are vague and not explained but we clients were bound to sign on irrelevant clauses of the said agreement.Tata capital officers failed and ignored pre-funding legal due diligence, public disclosures of highly important documents of the project like total search reports, marketable title of the land, credit ratings, and fabricated project by the said developer. 

Tata capital officers clandestinely and deliberately released the advance disbursement facility of aggregate amount of rs. 44, 98, 730/- appx. 53 % of the consideration premium payment to the developer without verifying the ground realities about the progress of construction and without intimation to my clients and thus committed breach of trust and is liable for all consequences therefor. The stage of construction till today is only the foundation level only.

The circumstances disclosed collusion, fraud and misrepresentation on the part of developer and you, as finance partner. You colluded with fraud accused developers by sanctioning loan illegally and misusing and misrepresenting to disburse credit in the garbs of loan in flagrant violation of rbi guidelines, master circular on housing finance dated 01.07.2015, in disbursal of housing loan and upfront disbursal without closely linked to the stages of construction of housing project in breach of contract agreement. 

Despite the housing project in question being coupled with the fact that the land of the project in question lying hypothecated/mortgaged with sbi & bank of maharashtra, you approved the advance disbursement facility to the developer without any security worth the same, which showed that there had been no proper evaluation of the project in question by any of the technical and legal advisors of you. We further submit that, had such an evaluation really taken place, the fact that the developer was not a builder of repute but that the land of the project was lying mortgaged with sbi & bank of maharashtra, and criminal complaints being c r no. 374 of 2017 lodged with eow and shivaji nagar police stations, etc. Could have been easily ascertained.

We would further inform you that on request to provide the significant documents named engineers certificate, architect’s certificate for building construction progress, chartered accountant’s certificate and title search report, photographs etc. This was bluntly refused. 

We states that, we approached the mah rera vide complaint of 2018. My client further states that pursuant to the order passed and relief granted therein in favor of my clients, hon’ble real estate regulatory authority dt. 02.11.2018 wherein that articles of agreement dated 25.04.2016 apparently lost its relevance as the hon’ble authority has ordered for its cancellation and asked developer to refund the amount paid by me. Vide order of hon’ble maha rera, dated 2.11.2018. 

We submit that we are seeking cancellation of the loan agreement as apparently lost its relevance on cancellation of sale agreement as per directions of hon’ble maha rera, authority. We further submit that, we hereby seeking stopping of ecs mandate by your service provider to withdraw or stop ecs mandate, and/or cancelling the said ecs mandate effective june, 2019, for criminal breach of trust, violation of banking norms, fraud, collusion and misrepresentation in conspiracy with fraud accused developer and d s kulkarni fraud scams of rs. 2042/- crores. We further inform that we are simultaneously giving instruction to our banker for stop payment to the ecs debit. Please note the same for your needful action in accordance with the said stop payment instruction at ecs debit bank at your end. 

We also state that you are guilty of deficiency in service and unfair trade practices and gross negligence as per the provisions of consumer protection act, 1986. My client further says that all of your’s aforesaid acts and activities come under the category of criminal offences i. E. Cheating and criminal intimidation, misappropriations, conspiracy, and criminal breach of trust under ipc.

Under the above circumstance, we call upon you, to withdraw your threats of putting our name in the list of defaulters with cibil, cancel a ecs mandate so as to ensure that the said ecs mandate do not continue the ecs debit details in respect of the ecs mandate given to us, which hereby be withdrawn or stopped. Within 15 days from the date of receipt of this notice

When i have already asked your team to stop ecs and handed, how come it is still hitting my closed account and showing as bounced with reason”payment stopped by drawer”.
To my shocking, i understood after seeing my cibil that ecs is still hitting the closed account and bounce charges are being added to my loan and my cibil score drastically came down”

I came to know on this now and trust me mr tata, none of them have responded on this; other than saying you have signed the disbursal letter.

I am working for a shipping company and can not dedicate my time as and when required, and they are making me to go through tremendous mental torture for mistakes what your team has done. “i want the management to look into this matter, wave off the bounce charges and update the same in the cibil at the earliest. And stop my emi immediately. My respect for you & mr jrd tata made me go for the loan.” Thanks in advance.

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