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

Killer Standard Chartered

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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.