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4 arrested in ICICI loan death case

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.

india Updated: Jun 25, 2007 22:58 IST
Ashok Das
Ashok Das
Hindustan Times

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.

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.

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.

First Published: Jun 25, 2007 22:27 IST

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