Bank loses original property papers

Customer who had deposited papers as loan collateral files a case of criminal breach of trust against ICICI

Customer who had deposited papers as loan collateral files a case of criminal breach of trust against ICICI

The ICICI bank, which kept the ownership documents to a city apartment from businessman N Nagesh as collateral towards a loan, told him recently that they had misplaced the papers.

An incensed Nagesh filed a complaint against the bank, accusing the company's Koramangala branch of criminal breach of trust.

Nagesh hadu00a0 availed a loan in 2002 for the purchase of a flat. He had deposited the original papers the flat he lives in, which is worth Rs 42 lakh.
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Officials informed N Nagesh that documents to his flat could not be found but promised to search for them.

"I deposited all original documents including the sale deed and the receipt of the amount paid to the builders," Nagesh explained.

Recently, after he cleared the loan, he approached the bank for the documents submitted by him.

The bank officials were to eventually inform him that they had lost the documents. Initially, bank officials assured him that he would get his documents shortly.

Then they informed him that the documents could not be found but promised to search for them.

After repeatedly asking for time, they failed to keep their promise. They finally said they could not find the records.

"This amounts to a criminal breach of trust. How could they have been so careless?

We have booked a case of cheating against them and are investigating," said Sub-Inspector Lakshmi Narasimnhaiah of the Koramangala police station, who summoned the bank officials for questioning.

Charudutta Deshpande, spokesperson, ICICI bank, said, "I have to check under what circumstances the complaint has been filed. Generally, we take utmost care to ensure customers convenience."