Summary:
Before the formal loan disbursal by ICICI Bank, a deep-rooted financial conspiracy was executed. Under duress and deception, blank signed and stamped documents were collected from the legitimate MSME borrower and later forged into a Home Loan agreement, overriding the original MSME business loan sanctioned for export operations. The mortgage was never registered, yet ICICI forcibly marked a charge over the borrower’s prime residential property without following any legal due process.
In a calculated act of betrayal, malicious co-borrowers—including Praveen Choudhary and Rahul Chaudhary (previously expelled from any ownership or property rights)—were illegally inserted into the loan agreement. These individuals had no repayment capacity, no connection to the MSME business, and were included solely to enable a future takeover of the borrower’s collateral property through an internal conspiracy with ICICI officers and a fraudulent advocate, Sharad Joshi.
Later, these same co-borrowers secretly filed a closure and One-Time Settlement (OTS) application, using fake proceedings in SA-339/2021 before DRT Jaipur, without consent or knowledge of the original MSME borrower. They falsely projected that the borrower’s elderly mother had voluntarily paid ₹10,00,000 via cheque—which was forcibly retrieved from her—to give the false impression that she intended to close the loan. This was widely publicized through fake narratives to defame the MSME borrower as a willful defaulter.
The reality:
- ICICI Bank never disbursed the full ₹2.5 crore loan, releasing only ₹37 lakhs.
- That ₹37 lakhs was forcibly withdrawn by the co-borrowers themselves, without the beneficiary’s control.
- These actions were intentionally executed to sabotage MSME export orders, disrupt production, and damage the long-term business relations with US and EU-based foreign buyers, who had paid advances for high-value shipments.
The result:
Severe financial loss, emotional trauma, reputational harm, and physical injury to the real borrower, caused by criminal misrepresentation and strategic character assassination.
Legal Breach Identified:
- Forgery, impersonation, and criminal conspiracy under IPC Sections 406, 420, 464, 468, 471, 120B
- Violation of the Indian Contract Act, 1872 – Contracts signed under coercion and misrepresentation
- Illegal OTS application and DRT manipulation under false identities
- Defamation and reputational attack, targeting MSME credibility with global buyers
- Violation of FEMA, Export Obligations, and RBI’s MSME Finance Guidelines
Recommended Legal Action:
- File criminal complaints against Rahul Chaudhary, Praveen Choudhary, Sharad Joshi, and ICICI officials involved
- Seek forensic verification of all loan and DRT documents, including SA-339/2021
- File an application under Section 17 of the SARFAESI Act to reverse illegal mortgage creation
- Move the DRT and Civil Court to nullify the fraudulent OTS and restore property rights
- File defamation and damages suit for international trade loss
- Submit complaints to RBI, MSME Ministry, Ministry of Commerce (DGFT), and Indian Embassy Legal Cells in USA/EU