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article imageRussian man creates own credit card and sues bank for closing it

By Eduardo Arrufat     Aug 9, 2013 in Business
Moscow - A Russian man scanned a commercial credit card agreement and changed the terms of contract in his favor. After returning it signed to the lending bank, they failed to notice the trick and now a Russian court has backed him up.
Today, the chicanery of a Russian man has proven to be more powerful than the law power that all the attorneys from a banking corporation can provide. Dmitry Argarkov, 42 was tired of receiving commercial letters attempting to get his signature for another fee-wrecking credit card. Instead of shredding and trashing the paper, he scanned the document into his computer and modified the terms and conditions and returned it to Tinkoff Credit Systems, the lending bank associated to that credit card.
A Tinkoff intern in charge that day failed to read the amendments and signed the contract accepting Mr. Argakov new conditions and gave him a credit card. "The Bank confirmed its agreement to the client's terms and sent him a credit card and a copy of the approved application form," his lawyer Dmitry Mikhalevich told Kommersant. "The opened credit line was unlimited. He could afford to buy an island somewhere in Malaysia, and the bank would have to pay for it by law."
The Independent reported that, after two years of unlimited use, no fees and no charges being paid by Mr. Argakov, Tinkoff Credit tried to close the account due to overdue payments. And that was when our man of the hour struck back. According to the newly established terms, “Every time the bank failed to comply with the rules, he would fine them 3m rubles (£58,716). If Tinkoff tried to cancel the contract, it would have to pay him 6m rubles.”
Luckily for the anti credit card hero, the Russian justice system went out of its way to help the man and ruled against the big bank. Tinkoff signed the contract and was legally bound to it. The only payment Mr. Argakov was obliged to make was his outstanding balance of 19.000 rubles (around $400). Compared to the original 45,000 rubles he was being sued for; it seems like a single man beat the banking system playing its own game.
But the story is not finished here, as Tinkoff lawyers are preparing a comeback with a fraud demand against Mr. Argakov. The founder of the bank, Olegv Tinkov tweeted: "Our lawyers think he is going to get not 24m, but really 4 years in prison for fraud. Now it's a matter of principle for @tcsbanktwitter."
It is expected that the Russian court will review Mr. Argakov's case next month.
More about Bank, Banking, Credit cards, Russia, Lending
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