Truck Owner Faces Forced Repossession After EMI Default

Barabanki, Uttar Pradesh - Sher Singh, a local businessman who had financed the purchase of a heavy goods truck through a bank loan, encountered a distressing situation when his vehicle was forcibly repossessed by a group of musclemen.

Singh had secured a loan of Rs 16.55 lakh from a bank to buy the truck, with the agreement to repay the amount in 47 monthly instalments of Rs 45,600 each. However, shortly after acquiring the truck, Singh discovered significant defects in the vehicle, which led to financial losses and subsequently delayed his EMI payments.

After explaining his situation, the bank agreed to extend the repayment schedule and accepted a part payment on November 23, 2012. Despite this arrangement, just two days later on November 25, 2012, a group of 8 to 10 musclemen intercepted Singh's truck at Haidargarh in Barabanki District, Uttar Pradesh, and took possession of the vehicle against his will.

Singh has since approached authorities to report the incident and seek the return of his truck. The case highlights ongoing issues related to vehicle financing and repossession practices, raising concerns about the legality and methods used in such operations. Local police have been informed, and an investigation into the circumstances surrounding the forcible repossession is underway.