Dear Sir/Madam,
I saw your profile in Lawyers club India forum in the
internet. I am writing detailed mail about my cousin brother (more than a brother). We are from a good family from AP. He worked for a private company as an
office secretary for below 10,000 salary in chennai. He was personally
very calm going with maintain good family relationship and got good
name in our relatives circle. He used to participate social activities
like blood camps, etc. In November, 2005, it seems, one bank executive
approached my brother for a credit card. That time he does not have
much idea about credit card and not interested for the same. Even
though by force, he made to apply. After some
days, Credit card came in December, 2005 for a credit limit of around
39,000. By that time my brother got some idea about the card by talking
from his colleagues and his seniors. After one month, one more bank person
approached for the credit card. He applied for the card and after 1 month,
2nd credit card came for a limit of 50,000. During that time, my brother
got good contacts from travel agent office and other friends. As per their
request, my brother used to give credit cards for booking air tickets
through credit cards for their business. So they will get 45-50 days credit
period. So they saved interest. After seeing statement, they issued a
cheque for whatever they used and deposit the same before due date in
banks. After six months of prompt payment, my brother used to get more
calls from different banks and he applied for the same. After six months,
he maintained six credit cards from different banks with nearly 60-80,000
credit limit. After prompt monthly payments, this time bank people
approached for personal loans. Surprisingly, without applied also credit
cards came by courier. One private bank sent 4 credit cards with a
different credit limit. My brother got good idea about credit cards after
one year. He agreed for personal loans and received the same. For more than
3 years, he maintained good track without single cheque bounced. When he
received personal loans, his life turned in to miserable. His
circumstances, friends may be the reason. No one controlled him. He was
out of control of using credit cards and unsecured personal loans based on
credit cards. He got nearly 15 credit cards. He does not have proper
financial planning. During September, 2007, one Stock Market Company Broker
approached my brother for investment in stock market. Some how, he
convinced and washed my brother's brain saying you can earn huge money in
stock market. He was purely new to the stock market. Without basic
knowledge, he entered in to stock market when Sens*x was going towards
20,000 points. Initially, it seems he used to earn 10,000-20,000 per day
some times. He was going for the job, at the same time, he was doing share
trading in share broking office or over phone. He became panic after
seeing that amount. He invested or traded so many lakhs and lost so many
lakhs. Not informed at home or his close relatives or friends.
Unfortunately, there were no elderly male persons to dominate or to control
my brother. His father passed away 15 years before. He was not shared or
discussed anything with our family members. He got married and having two
small aged sons. His wife was not much educated, not done any job and at
home looks after children and house. He sold only one house in AP which was
in his name and invested (traded) in share market. After some time he sold
one more vacant house site which was also in his name and traded in share
market. All that amount lost. Till March 2008, he maintained all banks
payments and EMIs perfectly on rotation. After some point of time, he could
not managed his regular monthly payments, he lost his mental balance, so
one overnight, he shifted from Chennai to some other place. His all banks
credit cards and personal loan lost amount alone must be more than 50 lakh
rupees apart from his solded house and site. One more thing, there were
some hand loans also given to his friends, known people there and for that
they had given cheques and pro notes it seems. Even, some persons position
is not good to return the money back and some people are not ready to give
back and he also kept quiet of asking them.
Now he is surviving with one small job and running his family and children.
Though i like him but financially, i am not in a position to help him and
also he is not interested to take anybody's help and support after facing
bad name and disrespect in our relatives circle. Mentally he is so much
disturbed. Purposefully, he is keeping distance with all and leading his
family life separately and not maintaining his contacts with relatives or
I saw your profile in Lawyers club India forum in the
internet. I am writing detailed mail about my cousin brother (more than a brother). We are from a good family from AP. He worked for a private company as an
office secretary for below 10,000 salary in chennai. He was personally
very calm going with maintain good family relationship and got good
name in our relatives circle. He used to participate social activities
like blood camps, etc. In November, 2005, it seems, one bank executive
approached my brother for a credit card. That time he does not have
much idea about credit card and not interested for the same. Even
though by force, he made to apply. After some
days, Credit card came in December, 2005 for a credit limit of around
39,000. By that time my brother got some idea about the card by talking
from his colleagues and his seniors. After one month, one more bank person
approached for the credit card. He applied for the card and after 1 month,
2nd credit card came for a limit of 50,000. During that time, my brother
got good contacts from travel agent office and other friends. As per their
request, my brother used to give credit cards for booking air tickets
through credit cards for their business. So they will get 45-50 days credit
period. So they saved interest. After seeing statement, they issued a
cheque for whatever they used and deposit the same before due date in
banks. After six months of prompt payment, my brother used to get more
calls from different banks and he applied for the same. After six months,
he maintained six credit cards from different banks with nearly 60-80,000
credit limit. After prompt monthly payments, this time bank people
approached for personal loans. Surprisingly, without applied also credit
cards came by courier. One private bank sent 4 credit cards with a
different credit limit. My brother got good idea about credit cards after
one year. He agreed for personal loans and received the same. For more than
3 years, he maintained good track without single cheque bounced. When he
received personal loans, his life turned in to miserable. His
circumstances, friends may be the reason. No one controlled him. He was
out of control of using credit cards and unsecured personal loans based on
credit cards. He got nearly 15 credit cards. He does not have proper
financial planning. During September, 2007, one Stock Market Company Broker
approached my brother for investment in stock market. Some how, he
convinced and washed my brother's brain saying you can earn huge money in
stock market. He was purely new to the stock market. Without basic
knowledge, he entered in to stock market when Sens*x was going towards
20,000 points. Initially, it seems he used to earn 10,000-20,000 per day
some times. He was going for the job, at the same time, he was doing share
trading in share broking office or over phone. He became panic after
seeing that amount. He invested or traded so many lakhs and lost so many
lakhs. Not informed at home or his close relatives or friends.
Unfortunately, there were no elderly male persons to dominate or to control
my brother. His father passed away 15 years before. He was not shared or
discussed anything with our family members. He got married and having two
small aged sons. His wife was not much educated, not done any job and at
home looks after children and house. He sold only one house in AP which was
in his name and invested (traded) in share market. After some time he sold
one more vacant house site which was also in his name and traded in share
market. All that amount lost. Till March 2008, he maintained all banks
payments and EMIs perfectly on rotation. After some point of time, he could
not managed his regular monthly payments, he lost his mental balance, so
one overnight, he shifted from Chennai to some other place. His all banks
credit cards and personal loan lost amount alone must be more than 50 lakh
rupees apart from his solded house and site. One more thing, there were
some hand loans also given to his friends, known people there and for that
they had given cheques and pro notes it seems. Even, some persons position
is not good to return the money back and some people are not ready to give
back and he also kept quiet of asking them.
Now he is surviving with one small job and running his family and children.
Though i like him but financially, i am not in a position to help him and
also he is not interested to take anybody's help and support after facing
bad name and disrespect in our relatives circle. Mentally he is so much
disturbed. Purposefully, he is keeping distance with all and leading his
family life separately and not maintaining his contacts with relatives or
anybody on afraid of Bank people, Police arrest, Court cases and
Imprisonment (bailable or non-bailable warrants), .
His mother is having one small vacant site in her name worth of 5-6 lakh rupees.
Now seeking valuable opinion from you on humanitary grounds and his present
circumstances is :
1. Bank people how many years will search anybody if not tracing. (Now
already 5 years is getting completed).
2. He had given cheques to bank people. If they presented cheques and got
bounced for insufficiency of funds, how many years those cases will be in
the court or with police.
3. Now, he does not have any property or cash in his name. He has to earn
and lead the daily family life.
4. Is there any problem for him, his wife or his old aged mother (any
harassment, etc) ? His wife and mother have not signed in any applications
or in any documents or in any cheques.
5. If traced, court, police or bank people what they will do ? Any
possibilities of sending him to Jail ? If yes, for how many years they will
keep in jail ? Sir, This is most important point.
6. Will Court ask for any attachment or hand over property of his mother
or his wife's any future earning property ?
7. Still after 5 years, whether he can apply for Insolvency Petition (IP)
or not necessary now ?
Mentally all his family is suffering for his blunder mistake. I am just
helping them for their moral support as i like their family and small kids.
I will be very thankful to you Sir.
Sincerely,
Kalpana
Imprisonment (bailable or non-bailable warrants), .
His mother is having one small vacant site in her name worth of 5-6 lakh rupees.
Now seeking valuable opinion from you on humanitary grounds and his present
circumstances is :
already 5 years is getting completed).
2. He had given cheques to bank people. If they presented cheques and got
bounced for insufficiency of funds, how many years those cases will be in
the court or with police.
3. Now, he does not have any property or cash in his name. He has to earn
and lead the daily family life.
4. Is there any problem for him, his wife or his old aged mother (any
harassment, etc) ? His wife and mother have not signed in any applications
or in any documents or in any cheques.
5. If traced, court, police or bank people what they will do ? Any
possibilities of sending him to Jail ? If yes, for how many years they will
keep in jail ? Sir, This is most important point.
6. Will Court ask for any attachment or hand over property of his mother
or his wife's any future earning property ?
7. Still after 5 years, whether he can apply for Insolvency Petition (IP)
or not necessary now ?
Mentally all his family is suffering for his blunder mistake. I am just
helping them for their moral support as i like their family and small kids.
Sincerely,
Kalpana
