Presented by Miss R.Pattnayak, President.
1) The Complainants namely Md. Aslam, Suresh Pradhan, Sadananda Biswal, Sanjaya Kumar Biswal and Hrudananda Behera, have filed jointly the above mentioned Consumer Case on dated 12.7.2011 having their common interest against the Opposite Party namely ‘’A.M.FINANCIAL’’ for redressal as per the provision of law. They have filed an application U/S-12 (c) of the Consumer Protection Act, to decide the matter as they have same interest and seek for permission of this forum and it was allowed on dated 03.01.2012.
The Case of the Complainants are that, the Opposite Party has formed a Financial institution/Company namely “A.M.FINANCIAL’’ having its Registered Head office at Bhutapara Chowk, Sambalpur-768001 (Odisha) and invited the public to deposit money with his financial company to get more profit within short period. Accordingly on the advertisement of the Opposite Party Company, the Complainants have invested different sums in different schemes out of their hard earnings with the said Financial Company, as detail given below.
The Complainant No.1(one), Md.Aslam invested a sum of Rs.1,00,000/- (Rupees One Lakh) on 20.10.2008 for a period of two years and the Maturity date was 20.10.2010. The Opposite Party has also issued Cheque in favour of the complainant bearing No.116185 dated 20.10.2010 and the Complainant has received Rs. 30, 000/- towards interest at the rate of Rs. 5,000/-(Rupees five thousand)only per month. The Opposite Party had given a Cheque of Rs. 1, 00,000/-(Rupees one lakh)only dated 20.10.2010 of ICICI BANK, Sambalpur Branch, but the said Cheque was not honoured by the concerned Bank. So the Complainant approached to the Opposite Party, regarding dishonour of Cheque and the Opposite Party assured to make payment in cash but did not make any payment. So the complainant filed this case.
The Complainant No.1(one), Md.Aslam again deposited Rs.25,000/- (Rupees twenty five thousand) only but has not received any benefit out of it. The Opposite Party has issued a letter on dated 14.09.2009 that on maturity the Complainant will get Rs. 4,00,000/-(Rupees four lakh)only. Since the Opposite Party refused to pay the previous claim, the complainant wanted to withdraw the same. The Opposite Party did not pay the same. So the complainant filed this case to get back his money with interest.
The Complainant No.2(two), Suresh Pradhan also invested Rs. 1, 00,000/-(Rupees one lakh) on Dt.28.4.2008 and Matured on Dt. 28.4.2010. The Opposite Party paid Rs. 30,000/-(Rupees thirty thousand)only towards interest and a Cheque of Rs. 1,00,000(Rupees one lakh)only dated 28.4.2010 of AXIX Bank but the said Cheque was dishonoured. So the Complainant No.2 (two) filed this case to get back his amount with interest, since the Opposite Party refused to pay the claim.
The Complainant No.3(three), Sadananda Biswal had invested Rs. 60,000/-(Rupees sixty thousand) with the Opposite Party vide agreement on Dt.30.12.2009 and it was matured on Dt.30.12.2011. The Opposite Party did not pay the dividend and issued a Cheque of State Bank of India, Sambalpur Branch bearing No.312189 Dt. 30.12.2011 in favour of Sadananda Biswal, Complainant No.3 (three) forRs. 60,000/-(Rupees sixty thousand)only but the said Cheque was also dishonoured. So this Complainant filed the case for refund of his money with interest.
The Complainant No. 4(four) Sanjaya Kumar Biswal also invested Rs. 50,000/-(Rupees fifty thousand) with the Opposite Party vide agreement dated 30.06.2009 and the Matured date was 30.06.2011. The Complainant received Rs. 20,000/- (Rupees twenty thousand)only towards interest, but did not get the principal amount. The Complainant approached to the Opposite Party for payment. The Opposite Party issued the Cheque of Rs. 50,000/-(Rupees fifty thousand)only on Dt. 30.6.2011 of State Bank of India, Sambalpur bearing No. 135267 towards Principal amount. The said Cheque was also dishonoured. So the Complainant No.4 (four) filed this case to get back his money.
The Complainant No.5(five), Hrudananda Behera also invested Rs. 5,00,000/-(Rupees five lakhs) vide agreement Dt. 21.12.2009 in DEMAT Account having login ID AMHRUDAOR under the broker Infoline Ltd. The Opposite Party agreed to pay Rs. 1,80,000/-(Rupees one lakh eighty thousand)only half yearly, but violated the contract. Since the Complainant has not received any amount from the Opposite Party, he has filed this case to get back his principal amount along with interest.
The Complainants further claim that, they have deposited the cash with the Opposite Party and as such they are the consumers and for the deficiency in service of the Opposite Party, they are passing through mental tension, harassed by the Opposite Party and their investment became blocked and due to violation of the contract, they have sustained heavy loss. Hence this consumer case.
Being aggrieved by the performance of the Opposite Party, the Complainants have filed this dispute praying for the following reliefs:
(a) To direct the Opposite Party to refund the invested amount and consented dividend/Maturity value with future interest till realization.
(b) To direct the Opposite Party to pay Rs. 10,000/-(Rupees ten thousand)only to each complainant towards harassment, deficiency in service, the cost of the litigation and for mental agony.
(c ) Any other reliefs.
The complainants have filed following documents to prove their case.
(i) Agreement dated 21.8.2009 of Md.Islam
(ii) Cheque No.211471 dated 21.8.2014.
(iii) Cheque No.069778 dated 28.4.10.
(iv) Leafleat issued by the Opposite Party.
(v) Agreement dated 30.12.2009 of Sadananda Biswal.
(vi) Cheque No.312189 Dt.30.12.2011.
(vii) Agreement Dt.30.6.2009 of Sanjaya Kumar Biswal.
(viii) Cheque No. 135267 Dt.30.6.2011.
(ix) Agreement dated 21.12.2009 of Hrudananda Behera
12) The Opposite Party received notice and the S.R back on Dt. 20.10.2011 after service. Inspite of that, he did not appear on Dt.20.10.2011, Dt.11.11.2011 and Dt. 25.11.2011. So due to willful disobedience of order of the court the Opposite Party was finally set ex-parte on Dt.15.12.2011 and decided to issue order on merit of the case.
Going through the Proceedings and on perusal of documents available on record the court found that, the Opposite Party has ill intention to grab away the money deposited by the Complainants and has completely disobeyed the order of this forum and stand defaulted in attending either in person or through his counsel which proves his willful disobedience to courts order. The above facts clearly demonstrate that, the scheme was floated by the Opposite Party Company with a purpose of collecting money dishonestly from the public from its very inception and was not intended to honour the commitments and obligations that arose out of the said scheme. Even after the complainants were deposited the whole amount honestly, the Opposite Party has unjustifiably denied to them the matured money which clearly amounts to fraud and cheating to the complainants and the members of public in general. Such conduct of the Opposite Party would clearly amounts to Unfair Trade Practice.
Further it clears from the documents filed by the Complainants are that, in response to an invitation, the Complainants had made deposits with the Opposite Party and the deposits so made by the Complainant with the Opposite Parties were to carry interest at the agreed rate and after the date of maturity, the same were payable by the Opposite Party to the Complainant together with interest. Therefore such default in payment of principal amount and interest clearly shows deficiency in service in part of the Opposite Party.
On this point we have gone through the decision of Hon’ble National Consumer Disputes Redressal Commission Reported in 1 (1996) CPJ 43 (NC) - K. Kasi Annapurna VRS (Smt) Vemuri Bharathi. It reveals from the Placitum , which reads as follow :
‘’The failure to refund the amounts deposits with any financial institution on maturity will amount to Deficiency in Service.’’
So, the Opposite Party stands for adopting Unfair Trade Practice and Deficiency in Service.
Hence it is ordered.
O R D E R
The Opposite Party is fully liable for payment of deposited/Invested amount along with interest at the rate of 10%(ten percent) per annum from the date of deposit.
The Complainant No.1(one) Md. Islam is entitled to get Rs. 1, 00,000/-(Rupees one lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.20.10.2008 till the date of realization. He is also entitled to get Rs. 25, 000/-(Rupees twenty five thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.21.8.2009 till the date of realization.
The Complainant No.2(two), Suresh Pradhan is also entitled to get Rs. 1,00,000/-(Rupees one lakh)only along with interest @ 10%(ten percent) per annum with effect from Dt.28.04.2008 till the date of realization
The Complainant No.3(three), Sadananda Biswal is entitled to get Rs. 60,000/-(Rupees sixty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt. 30.12.2009 till the date of realization.
The Complainant No.4(four), Sanjaya Kumar Biswal is entitled to get Rs. 50,000/-(Rupees fifty thousand)only along with interest @ 10%(ten percent) per annum with effect from Dt.30.06.2009 till the date of realization.
Similarly, the Complainant No.5(five), Hrudananda Behera is entitled to get Rs. 5,00,000/-(Rupees five lakh)only along with interest @ 10% (ten percent) per annum with effect from Dt. 21.12.2009 till the date of realization.
Besides the principal amount and interest, the Opposite Party is also liable to pay Rs. 5,000/-(Rupees five thousand) to each of the Complainant towards litigation expenses, harassment and deficiency in service within 30(thirty) days from the date of receipt of this Order, failing which 18%(eighteen percent) interest per annum shall be charge on the total awarded amount till the date of payment, the Complainants are at liberty to realize the same in due process of law.
The case is allowed accordingly.
Typed to my dictation
and corrected by me.
I agree, I agree,
(Miss. Rajlaxmi Pattnayak) (Smt. Anjali Behera)
P r e s i d e n t.
