[Resolved]  Family Credit — Money laundering

Money laundering it seems
Published on January 19, 2010 by admin on www.news4u.co.in
News4u Bureau Report-New Delhi-Adil-Last week a case o[censored]sed car loan from family Credit (NBFC) came in light when one of our associates applied for a used car loan through some vendors whom he contacted through internet turned out to be a disaster. The person got the loan which was half the amount what was promised and above all when he agreed for that even, the loan cheque got bounced. After contacting the banker from whom the loan was approved next day a different cheque was issued of different amount and after plenty of discussions at the loan seekers office then at the Car dealer’s office the cheque was given to be deposited. As the cheque was of the same bank it got cleared within no time, after which the chaos started, bankers through their DSA who issued the cheque was after this person’s life that by mistake it was given to you, now the bank wants that the cheque was to be given to the Car dealer directly. Even these people followed the borrower at wee hours at night, just to pressurize to buy the car immediately.

Next day the borrower started searching for the Banker and the mediator through whom the loan application was processed, luckily he got the address and met the big bosses there. He told his entire story to them and asked for the remedy. Even he told them that his IT Returns in Original was taken by the bank for verification and did not return till then. The Bosses promised to get the solutions within 48 hrs. But unfortunately nothing has been done so far.

Now the question arises that when a bank gives a loan to a customer through their DSA why the DSA keeps the money with them. As in this case the first cheque & the second cheque were of different amounts. As our reporters tried to investigate further in this case interesting reports came in from Family Credit (NBFC). Like in bigger luxury car segment if a person applies for a loan that’s for the Tax purpose, he buys the vehicle on his own then shows the loan later. In that case if there is a loan of 50 lacs for a BMW the borrower gets Rs. 10 lacs at once then after minimum 90 days he gets the rest of the amount. Meanwhile he keeps on paying regular EMI on the entire loan disbursed. The fortunate DSA enjoys the balance amount with the knowledge of the banker.

Now the question arises that are the Official of RBI know about this practice or its Money laundering going on just in front of their nose. Why not this practice should be stopped and a probe should be ordered to investigate this further. When RBI gives a guideline to all the bankers then why it’s not followed properly.

Our reporters are investigating the case further and soon you will get interesting news about certain DSAs who are being benefited by this practice through their good contacts within the bank. A detailed report will be submitted to RBI for appropriate action.

If you have anything to share on this matter please come forward and share with us all the details will be kept secret as per the ethics of Journalism.
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Aug 14, 2020
Complaint marked as Resolved 
Complaint comments 


Dear All,

My Case was as like this, I got a loan of Rs.1, 00, 000 where the family bankers has issed the Loan cheque in favour of DSA, subsqeuntly The DSA has issued the cheque which got bounced and several times follow up with DSA, it became furtile and one fine day the DSA has closed his office and absconded. Now the problem was I have misplaced the cheque, further I have paid nearly Rs.44, 000.00 Subsquently I found the bounced cheque from one of my diary. I stopped paying EMI. Even after several phones about the bounced cheques, family credit keeps silence about the neither DSA nor about my payment. But they are issued Summons from the Calcutta Court. Please be aware about loan processing Agents and family credit

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