(+) LOAN BALANCE REVEALS PAYMENT DISCREPANCIES
Tanraaj Singh Dhanjal, the director of Dhanjal Brothers Ltd, had made payments totalling Sh293,832,299, but when the bank tendered its accounts, it reflected the debt had increased to Sh727, 421, 000 instead of reducing. “The bank, without reasonable cause and with disregard to the Banking Act as amended in 2016, is charging interest at 28 per cent , which is all-time high contrary to the law. It has unlawfully dented the plaintiff’s accounts and credited itself on monthly basis the high interest, whereas the cost of the overdraft facility was settled according to the terms of the letter of offer,” the document reads. The businessman says the balance to be paid is Sh171,167,701, but the amount continues to increase since the bank is levying unauthorised charges as penalties, increasing the costs of the loan.