Heavy Goods Truck Repossessed by Force in Uttar Pradesh

Barabanki, Uttar Pradesh - In a startling incident, Sher Singh, a truck owner from Barabanki, reported that his heavy goods vehicle was forcibly repossessed by a group of 8 to 10 musclemen on November 25, 2012, in Haidargarh, Barabanki District.

Singh had secured a loan amounting to Rs 16.55 lakh from a local bank to finance the purchase of the truck. The loan agreement stipulated that he repay the amount in 47 equated monthly instalments (EMIs) of Rs 45,600 each. However, shortly after purchasing the truck, Singh encountered significant mechanical issues which resulted in financial losses, thus affecting his ability to meet the EMI deadlines.

He communicated his predicament to the bank, requesting an extension on his EMI payments. The bank, showing some leniency, agreed to his request and accepted a partial payment on November 23, 2012. Despite this agreement, just two days later, the truck was intercepted and repossessed in an aggressive manner by the group of musclemen.

Following the incident, Singh approached the authorities to report the illegal repossession. The police have registered a case and investigations are underway to ascertain the involvement of any bank officials or recovery agents in the incident.

This event has raised concerns over the methods employed by some recovery agencies and the safety of borrowers facing financial distress. Local authorities and the bank involved have yet to comment on the ongoing investigation.