In I went to Bajaj dealer in Chennai for purchase of Pulsar 150 CC bike. There they had an ICICI bank rep for two wheeler loan. They got required documents and subsequently my loan got approved. ICICI bank gave the cheque to the dealer. But the dealer got the amount and didn't give me a vehicle nor registered any bike in my name. The dealer later vanished. In the meantime i had doubt on the dealer when he was giving excuse for not delivering the vehicle or registering any vehicle i gave him a letter addressing ICICI manager to cancel the loan (i have the original copy of the letter). I have the cancellation letter even before my first EMI (Rs.1945/-) was due.
Since i didn't take the vehicle i bounced the first EMI. I got a new bike from another dealer with Centurion Bank as banker. The EMI of Centurion bank is higher (Rs.2633/-) and due on same date as ICICI bank i happened to clear both the EMI. This happened in the month of July. Few days later i had some funds for personal use ICICI presented the first EMI on 22nd or 23rd July and got the first EMI due also. So they got two months payment from me without delivering the vehicle.
I stopped operating that bank account and started bouncing my EMI because of non-delivering of vehicle. Few months later i started getting calls, letters and loan recovery people from ICICI. I gave them all required details and also a copy of cancellation letter to the ICICI person. One fine day i got a letter from ICICI bank saying that i have cheated the bank and they will file criminal case against me like IPC 420 and IPC 408 etc...
I filled a consumer forum case against the ICICI bank and the case is in the final stage of verdict. Since they have no valid proof against me on the case now they started troubling me from their settlement department.
They say that i had paid 12 months EMI and i need to pay for remaining 24 months. They don't listen to me when i say the case is in the court. They just say i need to pay or else they will list in CIBIL as defaulter. Only mistake i did was i didn't complain to the police when the dealer vanished. At that time i didn't know this will be this serious.
Can anyone advice what best can be done to arrest this issue? Anyone had similar problem that i had.
Thanks,
Hari
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