4 arrested in ICICI loan death case | Latest News India - Hindustan Times
close_game
close_game

4 arrested in ICICI loan death case

Hindustan Times | ByAshok Das, Hyderabad
Jun 25, 2007 10:58 PM IST

The police arrest four persons in connection with the death of Yadaiah who died while in the “custody” a local firm working as recovery agents for ICICI Bank, reports Ashok Das.

The police on Monday arrested four persons in connection with the death of Yadaiah on Friday, a state government employee, who died while in the “custody” of Elite Financial Services, a local firm working as recovery agents for ICICI Bank.

HT Image
HT Image

Inspector of Panjagutta police station, G Narsaiah said that they have taken into custody Sundar Babu, Ramesh Babu, Sridhar and Raju. While the first three are partners in the Elite Financial Services, the last person worked as a recovery agent with the company.

Hindustan Times - your fastest source for breaking news! Read now.

In another development, the AP State Human Rights Commission taking suo moto cognizance of the case has asked the city police to furnish a report on the circumstances leading to the death of Yadaiah. Justice B Subhasan Reddy, chairnman of the State Human Rights commssion has asked the ACP Panjagutta to furnish a report by June 29. The commission will initiate action after receiving the report.

Meanwhile, The Credit Card Holders Association of India, Andhra Pradesh branch said that they had received as many as 62 complaints about harassment by banks and credit card companies since the death of Yadaiah.

Speaking to Hindustan Times, BVSP Chowdary, president of the Association said that majority of the compliants pertained to private banks.

”These banks in order to meet their excessive high targets were forcing credit cards on customers or giving loans without even caring whether the man has the need for the same or whether he had the wherewithal to pay.And once the person starts defaulting they handover the case to private agencies, which employ rowdies to collect the amount,” he said.

Chowdary said that they have received over 200 complaints so far this year and taking up the cases with respective banks and authorities.

One of the persons who has lodged a complaint with the association is GK Charyulu. He said that he had borrowed Rs 1 lakh using his ICICI bank credit card but after paying back Rs 1.60 lakhs, he was told that the loan was still outstanding in his name. He was reportedly asked to pay a lumpsum Rs 25,000 and get the account settled but after paying the amount, the bank would not close his account and sent agents to his home.

Meanwhile another organisation championing the cause of credit card holders has petitioned the Chief Justice of Andhra Pradesh High court requesting the court to monitor the probe into Yadaiah`s death.

It also urged the court to protect the people from illegal extortions and look into creation of a separate agency apart from RBI to regulate the unfair trade practices of financial institutions.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On