Sri Lanka’s Situation Reports:: 24 Hours News Update

Reports Real Situation of Sri Lanka : War and Crime By Government and Paramilitary Groups , About Mahinda and Familly, About LTTE ,the problems faced by innocents in Sri Lanka

Standard Chartered Bank , Sri Lanka : A Bank operated by Thugs

Killer Standard Chartered

Killer Standard Chartered

<!–[if !mso]> <! st1\:*{behavior:url(#ieooui) } –>

Harassment from the credit card companies in Sri Lanka has been increased. The country is facing a big trouble due to the war and ethnic issues same time most of the innocent card holder are facing the death threats from the so called corporate banks.

Standard charted ,Nation Trust (Amex) are more sever in harassing the defaulted customer bypassing any laws implemented in Sri Lanka.This article may be a warning for all of the Sri Lankans in order to avoid this banks.

How You becomes a debtor

First , bank issues a very huge credit limit to a customer and keep on enhancing it according the amount he spent, at a one point if customer became bank corrupt (lost the business and other circumstances ) they start to threaten using the maximum inhuman methods and doing recovery.

Banks are so happy to issue the credit cards for the main reasons

1) Higher interest earning other thank any banking product

2) They make a lot of extra income from the same card in terms of Late payment fee, limit enhancement fee, insurance etc..

There should be a certain credit limit collectivity issued from various banks to a person. It is implemented in other countries like USA,UKMalaysia,Singapore. This prevents a person becoming a huger debtor beyond from his capacity . But in Sri Lanka ,A person can get credit cards from any number of banks. If you have your first credit card then every bank will compete to issue one more with higher limits. One of my friend who has 5 credit cards and total value goes above 2 Million Sri Lankan rupees.

Once a card member fails to repay bank doesn’t prefer to go for courts and follow law ,as if they follow it they cannot recover the full amount. Then they hand over the issue to the group of thugs under so called recovery company .

Case Study

The recent cases reported to us are very pathetic and illegal harassments .

Mr.Murugan(name has been changed) who was a businessman in Colombo left the country after closing his business due to the situation in the country . He left tihout repaying his credit card debts.The bank approached the mother for recovery she is a very old lady living alone and age above 60 yrs. They said you are in charge for your son’s money and you should pay other wise we will throw all the house holdings out side. We will take you to road. And some words that we cannot mention on writing. They used a very third degree underground terms to threaten this lady . This is the final stage as they started to call and harres her for more than 7 days. Legally come home a mother can be liable for the debt of a 40 years son who married and living in another family ? .Mother had the same question as she is educated ,but the answer is yes you are liable you should pay.

Then they went to the innocent relative ,who’s telephone number appears on the credit card application form as the “ relatives telephone number “ ,they don’t have any liability on this card issue. They have been gone through severe threats from the recovery company appointed by Standard Charted for so many days. They started to believe that if some one give their telephone number in any bank applications also they are liable for the debts.

The relatives started to trouble the old lady due to the son’s debt then the lady now agree to repay to the Standard charted bank and repaying 10,000 per month from the LKR 120,000 debt of her son which initially was LKR 70,000 then bank calculated interest that became LKR 120,000.

The son is now in India as a refugee suffering for his daily bread and butter. Mother repaying the money . the family going through a daily hard days that no one can explain by words.

The officers who wear very good formal dress but speaks filthy language at the Standard charted bank helping this lady to deposit her hard earning money on behalf of her son every month at the bank counter .

Why no intervention by police in this cases

The recovery company which is operated by former police and army carders . They have ruthless underground members also. It is very illegal but functioning under legal terms . They cannot visit to the debtor’s house without any police warrant and threat. But they do. Normally they visit the houses to threat the people in the night time.

Do the area police know it ?

1) In most of the cases ,people effected by this don’t complain to the police . But accordint to the Sri Lanakn laws. This cannot be admitted . Any one who is undergoing threats like this can complain to the police and get help from a lawyer. But the recovery companies calling them don’t disclose their original identity they use fake names and email ids to communicate .

2) Due to the ethnic crisis in Sri Lanka ,minority people’s complains don’t have much legal value. On above case they made a legal complaint to the area police . No action taken from the police . The recovery team members are very smart and always know how to manage the area police. As they have connections up to top level as in this industry a big amount of money involved .

Legal Assistance

A person effected by this companies can approach a lawyer for legal assistance . It is not a very complicated case .It is very simple to solve . don’t fear go for legal action.

Defense secretary involved ?

They are unconfirmed rumors saying the involvement of the defense secretary   in operating such recovery company using his all powers. people are wondering how no legal action or police intervention on this cases.Yet to confirm some details .This article may grow day by day with some more information.

About these ads

November 13, 2008 - Posted by | Killers of Sri Lanka, Top news | , , , , , , , ,

7 Comments »

  1. I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you down the road!

    Comment by Aaron Wakling | November 13, 2008 | Reply

  2. […] Mother repaying the money . Read more […]

    Pingback by insurancesitesfind » Blog Archive » Standard Chartered Bank , Sri Lanka : A Bank operated by Thugs … | November 13, 2008 | Reply

  3. […] Excerpt from:  Standard Chartered Bank , Sri Lanka : A Bank operated by Thugs … […]

    Pingback by Offshore Services » Blog Archive » Standard Chartered Bank , Sri Lanka : A Bank operated by Thugs … | November 13, 2008 | Reply

  4. u re absolutely correct , standard charted bank is the most cheapest , 3rd class bank in sri lanka ….. thanx for submitting this report …..

    Comment by Thilan | December 15, 2008 | Reply

  5. I don’t agree with the way this article is written as to me it feels like the writer was biased. However I do agree with some unacceptable ethics that SCB has employed inorder to ‘steal’ money from unsuspecting customers.

    I once had an account at SCB. I hardly used that account so I did not notice the fact that they have been charing me approximately Rs.80 monthly which looked on my statemebnt like some sort of a tax. But when I inquired they said it was for an isurance they provide in case the account holder loses his/her wallate. I had not asked for this insurance nor have I given permission for this to be taken from my account. When I asked them how they decided to do it, they response from the bank representative was “we automatically provide this service and if you don’t want to continue it we can stop it and refund the money”.

    The following day I closed my account and have not done any business with SCB since then.

    Comment by Tania P. | February 4, 2009 | Reply

  6. Send Gifts to Srilanka, Flowers to Srilanka, Cakes and Chocolates to Sri Lanka and Colombo.

    Comment by lanka florist | May 8, 2009 | Reply

  7. Beware of the Standard Chartered bank . The bank is operated by thugs.They send their representatives to the offices and offer cards/loans to people. When one or two payments are default they you can see their true faces. They call your land phone, office phone, mobile without any respect.Actually they don’t understand the people and don’t have any PR skills. They call your relations, family members with harassed words and then go to those peoples houses and harass them.
    They also insult card holders by looking their statements like ‘you have use the card to give food to your children from this ‘Supermarket’. This is only a one example of their misbehavior.
    This is the worst private bank I have ever seen in Sri Lanka.

    Comment by delan | August 31, 2009 | Reply


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: