Mr. Mulenga, who is a senior valuation surveyor, has reported Investrust Bank to police in a letter dated on 31st July 2018.
The receipt of the letter was acknowleged by the Lusaka Division headquarters, Fraud and Financial Investigations on 9th August 2018.
He has stated that Investrust Bank purported to grant him a mortgage in the sum of K60,000 at 85 per cent interest for stand 9606 in Lusaka without having disbursed the said amount.
“The Bank assured us verbally that they would keep the title deed in their custody and would not register the mortgage as the K60,000 was not given to us,” he notes.
“In defiance to the verbal agreement not to register the mortgage, we learnt that the mortgage was registered. We sued the bank to demand damages for the loan which was never granted. The bank attempted to derail the court process and frustrate us. We have since stayed the proceedings in court and the court has granted us leave to restore at any time we want.”
Mr. Mulenga said Investrust Bank has since submitted deceptive calculations that have allegedly cumulated from K60,000 amount which was never given to K375,629 being the alleged debt.
“This statement is not a bank statement and it should be treated as an act of perjury which has been calculated fraudulently. The bank should be investigated on account of this criminal act and they should give proof of its disbursements of the money. This is because the alleged mortgage did not have a payment date or redemption period and the bank never even gave us any demand letter or payment reminders in the interim period.”
Mr. Mulenga said to his shock, the bank decided to sale the property that was subject to the mortgage at price that was below the market price.
He wondered how a property which was valued at K79,000 was instead sold by the bank at K9,000.
He could not understand how the Registrar of Lands at Ministry of Lands could allow a transaction in a property when the property was not registered in the Bank’s name.
By law, the bank can only sale the property after the mortgaged has been discharged.
“This mortgage has remained un discharged up to the present day and the property has currently been abandoned.
The bank should not use the court to hide such a crime. Our only recourse is for the police to investigate what we have submitted. We are now requesting the police to intervene and investigate this fraud.”
Mr. Mulenga has complained that Investrust Bank has stolen stand 9606 Lusaka, which theft should be investigated and that the bank is trying to further steal K375,629 through the court process.
He has noted this amounted to theft by false pretence.
He said the purchaser of the property should also be investigated for conniving with the bank to purchase a property which was subject to a mortgage that was not discharged.