1. The first thing you should know is that there is no time limit under the Limitation Act, 1980, on fraud. What occurred here was both a criminal act of fraud and a civil wrong of fraud. Essentially, the holder of a Power of Attorney is not allowed under law to benefit from their position or to take any personal benefit from holding a Power of Attorney. Accordingly, even if these two unnamed people held a Power of Attorney, they committed a fraud by benefitting from its exercise in their favour. There will be a full range of remedies available to obtain restitution of the funds they misappropriated.
2. However, you should realise that there most likely won't be a cause of action against the bank. So long as the bank acted in accordance with a Power of Attorney, they will not incur a liability. Whilst the loan monies were ostesibly advanced to a vulnerable individual, the bank would need to know they were not for him in order that they would be made liable. However, you need to get the relevant documents from the bank to see what in fact happened.
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