Monday 23 June, 2008

The case of Parvez Billimoria

Mr. Parvez Billimoria is in a serious debt trap.

Since 1976, Mr. Billimoria, a Manager with National Garage, Mumbai, has been using credit cards. He has been issued Credit Cards by companies like Citibank, ICICI, ABN Amro, etc left right and center. He has more than 30 credit cards. And now he has no money to pay any one of them.

To compound his problems, these banks have been sending him unsolicited loans. ICICI sent him two cheques of 4 Lacs each.

Mr. Billimoria is 58 years old. When ICICI sent him the loan cheques he had just 1 more year of service left. Mr Billimoria does not own any property. He is actually staying with his wife in a property provided to him by Parsi Trust.

With no income to service these credit cards, Mr. Billimoria has no option other than to take cover under Bankruptcy Laws and seek protection from the courts.

Mr. Billimoria is receiving more than 20 calls every day from recovery agencies. ABN Amro wants him to commit suicide such that they can claim his insurance. Mr. Rahul Verma is calling him from ABN Amro Gurgaon Office (Phone Number 0124-4181344) and asking Mr. Billimoria to sell his wife so that ABN Amro's money can be recovered.

The reason we write about him is to point an accusing finger to the MNC and Private Banks which have thrown all caution to wind and not exercised proper due-diligence in giving loans to Mr. Billimoria. And now when they are not getting their dues, they are using the choicest of foul language in harassing an already stressed customer to the point of suicide.

Mr. Billimoria may commit suicide, if he does so, CCAI will file a case of abetment of suicide against all the banks and credit card companies that are driving him to a point of no return.

This is a warning to all banks and credit card companies to back off and also to RBI to wake up to the continued abuse of its guidelines on recovery of loans.

Mr. Reddy Sir, Governor RBI, all these banks are cooking a snook to you, what are you going to do?

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