Aparana
I had taken loan in 2003 from one Credit Society wherein I had assigned my LIC policy as security.
In 2006 I took a top loan wherein the policy was still with credit society assigned in their name. The repayment of the said loan was completed by me in 2009-2010. In the process one of my acquaintance took loan from the same credit society and i was one of the guarantor to him he had submitted his policy to the credit society as surety.
In spite of repeated request by me to give my policy the credit society told me that since I am a first guarantor they cannot give my policy but as mentioned above the policy was assigned for my loan and not for whom i was guarantor
A loan of Rs. 50000/- was sanctioned to him. I was one of the guarantors and my cousin brother was another guarantor.
The loaner who took loan in 2006-2007 defaulted the payment due to some problems in office and he didn’t attend office for 3-4 years. After joining office he started repaying the loan because undersigned acted as mediator in the interest on my policy lying with credit society. The loaner was never absconding and very much available.
The loaner gave various options for repayment of loan. But the society did not accept our proposal. There was no intention of loaner for not paying the loan. He wanted to clear the same but due to various problems at home and office so also due not going to office for 3 -4 years he was burdened with financial crisis and loans from many people.
With regard to credit society payment he requested them to attest his salary and recover the money from his office but they insisted for payment in two – 3 installments as part of settlement. We had also given option of surrendering his shares and my share as well of my cousin brother second guarantor, total of Rs. 13500/- and balance to take money in installments since he wanted to finish this loan. He was very much traceable, his office numbers was with them, as well his home address was available and he was not absconding.
As I was the first guarantor they would threat me that the policy will be surrendered to recover his money and said they can do so. But as the policy was given for my loan and not for his loan I was surprised to hear from my LIC agent in August 2014 that the policy was surrendered I did not receive any intimation from them nor the loaner received any intimation nor the second guarantor received any intimation about them surrendering the policy. The policy covered my life and was due for maturity within 4-5 years. They surrendered the policy in July 2014 and took the money through NEFT.
When I went to the LIC office on I requested the papers wherein I found that credit society had given a letter a NOC for Claim for Surrender policy and on the said letter my signatures where forged and the letter was also fraud as I had never given any such letter to LIC or to credit society the letter is blank dated. The signatures on the letter are not mine and I have not given any letter of NOC for Claim surrender for loaners loan, they forged the contents of the letter and also my signatures.
They did not follow proper procedure of recovery which is attestation of salary of all the guarantor and loanee. Secondly they used the shortest method and in desperation they forged the signature and the contents of the letter. They also violated the procedure and they did not inform any one of us about their surrendering the policy and without our knowledge, information and by forging my signatures on a letter they surrendered the policy they have surrendered the policy.
They have misled the LIC of India as the entire letter (NOC Letter for claim ) was created fraudulently which had my forged signatures. I have served them notice through my advocate for forging signatures on NOC for Claim when the policy for assigned by me for my loan. But the credit society has not responded to my notice nor they have acted on it. Kindly guide in the matter how i can protect my policy. they are insisting to pay the loan amount after which they will reinstate the policy. Kindly advice in the matter.
I C Naik
If you are sure of forgery of your signature file a complaint to the Police for forgery is a criminal offence.