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Submit your complaint →Entrepreneur Shailja Asthana alleges fraud by Supertech Limited and negligence by Axis Bank after her mortgaged property in Noida was sold to a third party. Read her full story on Choice4Voice.com, explore legal remedies, and learn how to file complaints with authorities like RBI, RERA, and the Consumer Forum.
Axis Bank and Supertech Limited Fraud Case | Shailja Asthana Seeks Justice | Choice4Voice.com
Complaint Summary Table
| Particulars | Details |
|---|---|
| Complainant Name | Shailja Asthana |
| Profession | Co-founder & Director, Solar”sense” India Pvt. Ltd. |
| Location | Noida, Uttar Pradesh |
| Bank Involved | Axis Bank |
| Builder Involved | Supertech Limited |
| Project Name | Eco Village 1, Noida |
| Issue Type | Fraudulent Sale of Mortgaged Property |
| Loss Incurred | Paying EMIs for a property sold to third party |
| Complaint Filed To | Axis Bank, Delhi Police, RBI, RERA |
| Status | Case unresolved; Axis Bank classified as “builder fraud” |
| Source | LinkedIn Public Post |
Full Story: How a Homebuyer Lost Her Flat but Still Pays EMIs
In a deeply distressing case highlighting serious flaws in India’s real estate and banking system, Shailja Asthana, Co-founder and Director of Solar”sense” India Pvt. Ltd., has come forward to expose how her mortgaged flat under Axis Bank was fraudulently sold by Supertech Limited while she continues to pay EMIs for the same property.
According to Shailja, her unit in Eco Village 1, Noida was sold by Supertech Limited to a third party without informing her or Axis Bank, despite both being parties to the tripartite home loan agreement. The builder’s fraudulent act went unnoticed for months.
Under the agreement, any termination or resale should have been immediately communicated to the bank within seven days, but neither the bank nor Shailja received any notification.
Despite this, Axis Bank continued to collect EMIs from Shailja, even after she reported the fraud. The bank took eight months to respond to her formal complaint filed in February 2025 only to label the case as “builder fraud” and advise her to approach law enforcement agencies.
Shailja says she feels completely helpless:
“I’m paying EMIs for a property that no longer belongs to me. If I stop paying, my CIBIL score will be ruined. Why is the buyer always crushed between banks and builders?”
Her FIR against Supertech was filed over a year ago, yet no action has been taken by the Delhi Police. The bank, meanwhile, has marked the issue as “resolved,” leaving the complainant without financial or legal relief.
Understanding the Tripartite Agreement in Home Loans
What Is a Tripartite Agreement?
A tripartite agreement is a legal contract between the buyer, builder, and bank during the purchase of an under-construction property. It defines responsibilities, payment terms, and the mortgage rights of the bank.
Bank’s Responsibility in Such Agreements
- Verify builder’s credentials and project approvals.
- Monitor construction progress before releasing funds.
- Secure mortgage interest on the buyer’s behalf.
- Ensure the property is not transferred or resold without consent.
In Shailja’s case, failure to detect the fraudulent resale raises questions about Axis Bank’s due diligence and legal accountability as a party to the agreement.
Legal Case Can Be Filed
Based on the facts shared, multiple legal provisions may apply:
| Legal Case Type | Relevant Law | Description |
|---|---|---|
| Criminal Fraud by Builder | IPC Section 420 | Selling a mortgaged property to a third party constitutes cheating and criminal breach of trust. |
| Negligence by Bank | RBI Master Circular on Customer Service in Banks | Axis Bank’s failure to act despite being a party in the agreement may qualify as service deficiency. |
| Consumer Case for Deficiency in Service | Consumer Protection Act, 2019 | The complainant can seek compensation for financial and mental distress. |
| Violation of Homebuyer’s Rights | Real Estate (Regulation and Development) Act, 2016 (RERA) | Complaint can be filed against Supertech for unlawful sale and non-disclosure. |
| Civil Suit for Recovery and Damages | Code of Civil Procedure, 1908 | To recover EMIs paid and claim damages for emotional distress. |
How to File a Complaint
Step 1 – Complaint to Axis Bank
- Write to Axis Bank’s Principal Nodal Officer at: pno@axisbank.com
- Mention your loan account number, property details, and attach FIR copy.
- Request EMI suspension until the dispute is resolved.
Step 2 – File Complaint to RBI Ombudsman
- Visit: https://cms.rbi.org.in
- Select “File Complaint Against Bank”.
- Attach supporting documents such as agreement, complaint emails, and FIR.
Step 3 – File Complaint with RERA (Uttar Pradesh)
- Visit: https://up-rera.in
- Submit your builder-buyer agreement, FIR, and loan documents.
- Seek redressal for fraudulent resale.
Step 4 – File Criminal Case Against Builder
- Lodge an FIR under Sections 406, 420, and 120B of IPC.
- Request action from the Economic Offences Wing (EOW) for financial fraud.
Step 5 – File a Case in Consumer Forum
- File under Consumer Protection Act, 2019 for deficiency in service by both bank and builder.
How Choice4Voice.com Can Help
Choice4Voice.com supports consumers like Shailja whose complaints remain ignored by corporations and institutions. Once verified, the case is published publicly to:
- Create awareness and media pressure
- Push for accountability from the bank and builder
- Guide the complainant on legal procedures and templates
Consumers can submit their unresolved cases through our website form. If found genuine, the complaint is featured on Choice4Voice.com and LinkedIn, ensuring maximum visibility and timely resolution.
Pre-Drafted Templates
1. Email to Axis Bank
Subject: Urgent Request for EMI Suspension – Fraudulent Resale by Builder
Dear Nodal Officer,
I am writing to report a fraudulent resale of my mortgaged property (Loan A/C No: [XXXX]) by Supertech Limited. Kindly suspend my EMIs and initiate an internal investigation as per RBI guidelines.
Regards,
[Your Name]
2. Complaint to RBI Ombudsman
I am filing this complaint against Axis Bank for failure to act as a responsible party in the tripartite agreement after the builder fraudulently sold my mortgaged property. Despite continuous EMIs, the bank has not provided relief.
Author Section
About the Complainant:
Shailja Asthana is the Co-founder and Director at Solar”sense” India Pvt. Ltd., a renewable energy company focused on sustainable solutions. A determined professional, she is now fighting for justice after facing serious financial and emotional distress due to negligence by both Axis Bank and Supertech Limited.
FAQs – Most Searched Questions
1. What is a tripartite agreement in home loans?
It’s a three-party agreement between the buyer, builder, and bank defining the rights and responsibilities during property purchase.
2. Can a builder sell a mortgaged property?
No. Once a property is mortgaged, the builder has no legal right to sell it to another buyer without the bank’s consent.
3. What should a buyer do if their property is resold without consent?
Immediately file an FIR and inform the financing bank and RERA authority.
4. Is Axis Bank liable in this case?
Yes, as a signatory to the tripartite agreement, Axis Bank holds a legal obligation to safeguard the buyer’s mortgage rights.
5. What if the bank marks the case as “resolved” without action?
File a complaint with the RBI Ombudsman and Consumer Forum for deficiency in service.
6. How long does RBI take to resolve such cases?
Generally within 30–45 working days, depending on document verification.
7. Can EMI payments be paused during investigation?
Yes, upon request and verification, banks can temporarily suspend EMI deductions.
8. Which authority handles builder frauds in India?
The Real Estate Regulatory Authority (RERA) and Economic Offences Wing (EOW) handle such complaints.
9. Can a bank refuse responsibility in a tripartite agreement?
No. Being a party to the contract binds the bank legally to ensure compliance.
10. Can the complainant seek compensation for mental distress?
Yes, under the Consumer Protection Act, 2019, compensation can be claimed.
11. What are the RBI guidelines on builder-buyer disputes?
Banks must perform due diligence and safeguard borrower interests before loan disbursal.
12. What is the penalty for fraudulent property resale?
It can lead to imprisonment under IPC Section 420 for cheating.
13. Can RERA cancel the builder’s registration?
Yes, if the builder is found guilty of fraudulent or unethical practices.
14. What if police don’t act after FIR filing?
Approach the Superintendent of Police or file a Section 156(3) CrPC petition in court.
15. Is Supertech Limited already facing other fraud cases?
Yes, multiple Supertech projects have been under scrutiny for financial and delivery irregularities.
16. Can multiple complaints be filed simultaneously?
Yes, with different authorities such as RBI, RERA, and Consumer Forum.
17. Will stopping EMI payments affect credit score?
Yes, unless formally paused or disputed through written communication with the bank.
18. Can a buyer demand refund of paid EMIs?
Yes, through legal recovery under consumer and civil law provisions.
19. What proof is required to file a case?
Tripartite agreement, loan account details, payment records, and FIR copy.
20. How can Choice4Voice.com assist in such builder-bank frauds?
By publicly raising the issue, guiding complainants on legal actions, and connecting them to proper authorities for faster resolution.
