A divorced couple from Visakhapatnam, Andhra Pradesh, has gone missing after defaulting on a home loan of Rs 58 lakh in Bengaluru, according to police reports. The couple, identified as Shweta Gaddam and Balaraju Gaddam, had jointly taken the loan from a private bank to purchase a property in the city.
Loan Default and Disappearance
The couple stopped repaying the loan several months ago, leading the bank to initiate recovery proceedings. When bank officials attempted to contact them, their phones were switched off. A visit to their residence in Bengaluru revealed that the couple had vacated the premises, leaving no forwarding address. The bank subsequently filed a complaint with the local police, who have registered a case of cheating and criminal breach of trust.
According to the complaint, the outstanding amount on the home loan is Rs 58 lakh. The couple had purchased a flat in a suburban area of Bengaluru in 2020, but their marriage ended in divorce soon after. Despite the divorce, they continued to be joint owners of the property and were jointly liable for the loan.
Police Investigation Underway
Police sources said that the couple is believed to have fled to their hometown in Visakhapatnam or possibly to another state. “We are verifying their known addresses and contacts. So far, there has been no trace of them,” said a police officer involved in the investigation. The couple’s relatives in Visakhapatnam have also claimed ignorance of their whereabouts.
This case highlights the growing issue of home loan defaults in Bengaluru, where property prices have surged, and many borrowers are struggling to keep up with repayments. Banks are increasingly resorting to legal action against defaulters, but cases of borrowers absconding remain relatively rare.
Legal Implications
Legal experts say that the couple could face serious charges, including fraud and criminal breach of trust under the Indian Penal Code. If found guilty, they could face imprisonment and be ordered to repay the loan amount with interest. The bank may also seize and auction the property to recover the dues.
The police have urged anyone with information about the couple to come forward. Meanwhile, the bank has advised other borrowers to communicate with lenders if they face financial difficulties, rather than resorting to default and disappearance.
