[Resolved]  NitiShree — Nitishree Builder Chairman arrested for fraud, can we stop emi payments

Address:

Uttar Pradesh

Hi,

In Aug 2006, I had booked a flat at Alostonia Apartments in Greater Noida to be constructed by Nitishree builders. However, since last 4 years, there had been hardly any construction on site and buiders keeps giving false promises and even decline to return money.

100's of people are stuck with their money invested in.

3 days back Mr Anil Jain, MD of Nitishree was arrested by Police on fraudulent charges and we are in a great fear of what will happen to all our money paid to builder.

I have taken a home loan of Rs 30 lacs on Down payment from bank for which I am paying heavy EMI every month. Bank is still pressing me pay EMI every month as they have already paid to builder.

My main concern is:

1. Can I stop payment of my EMIs to bank now without loosing my further money while bank will not be able to make any penalty or spoil my credit history in this case I do so.

2. What action should I take to get my money back.

We are in a great distress and would appreciate response on this matter.