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Old 25th June 2007, 12:13   #1
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Default Killed for a 15000 Personal loan!?

Man killed over ICICI bank loan, says*wife- Hindustan Times
The short story:
An electrician takes a 15000 personal loan from ICICI, defaults, is picked up by recovery agents, and a few hours later the wife is informed that her husband is dead
Wife's version : He was tortured to death
Banks Version : They called him to office, asked him to clear dues, he got stressed got convulsions, and hit his forehead on floor.
Police have registered a case.

The bigger question is that if this is true, it means that the bank has scant regard of RBI guidelines and the law.

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Old 25th June 2007, 12:19   #2
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Time and again the excesses by ICICI are being brought out by the media but nobody seems to be bothered, the government least so.
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Old 25th June 2007, 12:29   #3
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I believe in Wife's version.
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Old 25th June 2007, 12:37   #4
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Originally Posted by DCEite View Post
I believe in Wife's version.
So do I. Hit his forehead because "he got convulsions because of stress" is utter hogwash.

But the sad thing is, nobody will be punished at all, and the deplorable organisation will continue to carry out these activities with impunity everywhere.

Last edited by sajo : 25th June 2007 at 12:40.
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Old 25th June 2007, 12:38   #5
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The bank's version is all bunkum. And the best part is in the recent past ICICI lost a case in supreme court wherein they sent in recovery agents to beat up a guy. The court severely reprimanded the bank and penalized it and passed an order saying that although banks have every right to recover their dues they can not do so by extra-judicial means.

Now the same bank has gone ahead and killed a person to recover the dues. Today's news is that the recovery agents and the recovery manager have all vanished and police can not trace them. The bank has washed its hands off the case and asked the police to trace the people responsible and prosecute them.

I think this case has the right fodder to ignite into a major fiasco for the bank. However the kind of solid political patronage that these banks enjoy I seriously doubt how much will come out of it. Only chance is if the Supreme court gets incensed with the case and decides to convert it into a PIL and orders the arrest of some top ICICI honchos. Maybe that will make these banks realize that when you are in a business that carries risk (loan disbursement) then you have to have a business plan to cater to that. Having an army of goons is not a solution. Then you are no better than the village sahukars.
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Old 25th June 2007, 12:38   #6
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yes. it happend in hyderabad. it is in indian express first page on sunday. ICICI has no regard for laws. that is why stock market likes it. they know ICICI will increase its profit by cheating public. last week there is another news about ICICI, HDFC regarding the MRTPC enquiry about cheating customers. as per the news MRTPC wanted to know the amount of money collected by banks especially ICICI, HDFC, CITI and others in the form of late fee, annual fee, fines etc form credit card users.

Some estimates put the amount at Rs 6000/ crores
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Old 25th June 2007, 13:16   #7
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This is really scary!
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Old 25th June 2007, 13:49   #8
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Mera Bharath Mahan. Its happens only in India. When will these banks be pulled up for this kind of treatment.
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Old 25th June 2007, 14:54   #9
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This is scary, i shud say !! Just for 15,000/- bucks??!! Is that all a human being's life is worth?

When will justice ever reach us?
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Old 25th June 2007, 14:58   #10
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this is not the first time ICICI bank has done such a thing. About 3 or 4 months back also there was a similar incident occured when a rowdy gang hired by ICICI bank assaulted a family including children for defaulting over a single payment. Its high time people become aware of such CON banks.
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Old 25th June 2007, 15:09   #11
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Where are our babu's now? Too busy filing cases against Shilpa Shetty I guess. ICICI is the worst company to do business with. And it has proved this time and time again.
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Old 25th June 2007, 15:55   #12
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The least i could do is to get the word around. Have asked wifey to post this article on the BB of one of the biggest IT companies in india.
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Old 25th June 2007, 16:01   #13
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Quote:
Originally Posted by benbsb29 View Post
The least i could do is to get the word around. Have asked wifey to post this article on the BB of one of the biggest IT companies in india.
Its front PAGE news on the Paper edition of the Hindustan Times.
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Old 25th June 2007, 16:17   #14
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ICICI Bank tries to clear the air over death of defaulter
Monday June 25 2007 12:35 IST

HYDERABAD: In bad odour over the death of defaulter Yadaiah in the custody of a firm it used to recover bad debts, the ICICI Bank has sought to clear the air by announcing a compensation of Rs 15 lakh to the victim’s family.

The Punjagutta police, who registered cases of “wrongful confinement” and “culpable homicide not amounting to murder” against the management of Elite Financial Services, are yet to arrest anyone in the case. The firm claimed that Yadaiah died of “fits”.

“We had demanded compensation of Rs 50 lakh but the ICICI Bank officials offered Rs 15 lakh. Whatever the amount, the readiness of the bank to pay implies its connivance in the sorry episode and that it is using goons to recover dues by hook and literally by crook,” President of the Credit Card Holders Association of India BVSP Chowdary told this website’s newspaper.

Shocked at Yadaiah’s death, Chowdary and members of the association took up the matter with ICICI Bank regional manager Dinesh Kumar who, on consulting his seniors, offered to pay Rs 15 lakh straightaway.

According to Chowdary, Yadaiah had taken a card from ICICI Bank a few years ago for which the credit limit was Rs 15,000.

“Of this, he paid Rs 8,000 in instalments and wanted to get rid of the card quickly by paying the due amount. Last month, he had to pay his children’s school fees and therefore could not make the balance payment,” Chowdary said.

Yadaiah’s wife, Sunanda, alleged that her husband was tortured to death by executives of Elite Financial Services whose office is located in Ameerpet.

An employee of the Government Medical and Health Sciences Department at Sultan Bazar, Yadaiah was a resident of Yapral in Rangareddy district.

According to police sources, several firms like Elite Financial Services have mushroomed in the city in the last few years what with more and more people taking credit cards and loans from banks.

“Many debt-recovery outfits employ retired cops for their expertise in third-degree methods,” said a police official on condition of anonymity.

“We are awaiting the postmortem report which is expected in the next couple of days. No one has been arrested so far,” Punjagutta ACP L K Shinde said.

“We are investigating the case from all angles,” added West Zone DCP N Madhusudhan Reddy.

ICICI Bank tries to clear the air over death of defaulter - Newindpress.com
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Old 25th June 2007, 16:28   #15
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Quote:
Originally Posted by tsk1979 View Post
Its front PAGE news on the Paper edition of the Hindustan Times.
Agreed. But not in Bangalore, right?
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