Banks Seek Sherlock Holmes For Bad Loan Borrowers

These detectives track the whereabouts of the defaulters, firstly based on primary and secondary leads. Primary is the submitted address to the bank, while secondary is the vicinity around that address. They even travel like auto drivers to confirm the whereabouts.

Proprietor of C Intelligence, a detective agency, P Elangovan said, "Based on the address provided by borrower in the loan documents, we first contact those in the neighborhood as well as others in the vicinity like auto rickshaw drivers for leads." C Intelligence has helped Corporation and Syndicate Banks for the same.

It is said that workload on detective agencies has been high in the recent past, and most of the cases have been successfully cracked. Instead of following the traditional ways like One Time Settlement and The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act banks prefer hiring detectives. Bhasin also said that, "Though a major portion of such recovery is through OTS and SARFAESI, the appointment of such agents aid recovery."

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