Order-8.

Date-22/02/2018.

        Shri Anupam Bhattacharyya

Complainant’s case in short is that Complainant deposited a sum of Rs.1,58,000/-  (Rupees one lakh fifty-eight thousand) only with the OPs who launched a deposit scheme to the public a large for investment. Complainant de[posited the sum on July 13, 2013 under Fixed Deposit Scheme. It is further stated that the amount was divided in four separate  parts amounting to Rs.1,00,000/-, Rs. .10,000/-, Rs. 6,000/- and 20,000/- being certificate nos. TD00221447, TCC 0514748, TCC -514747 for  a period of 2 years 8 months i.e. the date of maturity of the certificate is on March,2016 and the maturity value of the certificate is Rs.3,16,000/-.

            That upon maturity of the said certificates, Complainant went to deposit those with the OP on 08.07.2016 being certificate Nos. TD00221447, TCC0514747 and being certificate No. TC00221448. It is further  stated that the OP received the certificates being TD00221447, TCC0514748, TCC0514747, but the OP did not accept the certificate  being No. TC00221448 on the plea that the OP has no fund right now.

            It is further stated that the OP thereafter informed Complainant that the payments would be  sent in their Bank Acco0unt, but till date no payment towards any of the certificates have been received by the Complainant from the OP. That the cause of action arose from the date when Complainant went to deposit the matured certificates  on 08.07.2016 for payment  and the entire matured amount is lying  in the custody of the OP till date. Complainant further submits before the ld. Forum tht the OP is holding business and harassing public who invests their money from their respective hard earned income relying on the prospectus and assurances  of the OP. Complainant also  submits that the Ld. Forum has the jurisdiction to try, entertain and adjudicate the instant  complaint and pass necessary orders directing the OP to make payment of Rs.3,16,000/- (Rupees three lakh sixteen thousand) only along with interest from the date of maturity till the date of making payment.

            Until and  unless the prayer of Complainant  is allowed, Complainant shall be highly prejudiced and suffer irreparable loss  and injury.

            In the premises, Complainant prays for passing the following order. Complainant prays for issuing the notice upon the OPs and for directing the OPs to pay the matured amount of RS,3,16,000/- (Rupees three lakh sixteen thousand) only, along with interest  at the rate of 18 percent p.a. from the date of maturity till the date of making payment. Complainant also prys for directing the OPs to pay Rs.10,000/- as compensation for harassment and mental agony and also for directing the OPs to pay Rs.20,000/- towards litigation cost.

             Notice was sent to the OPs on 10.11.2017. But the postal track report shows that the same is returned unnerved with postal endorsement ‘Unclaimed’ and the said endorsement tantamounts to be good service. But none appears for the OPs on call. 05.02.2017 was fixed for filing Written Version, if any. On 05.12.2017 Complainant was present but the OP has not entered appearance. 18.02.2017 was fixed for filing W.V as last chance. On 18.02.2017 OP was absent on call, but Complainant was present. The OP remained absent on three consecutive days. The case was fixed for ex parte hearing on 18.12.2017. On 03.01.2018, E/Chief was filed by Complainant and prayer for time for filing BNA and for ex parte hearing was  on 10.01.2018 ex parte argument was heard and we proceeded for giving judgment.

Decision with reasons

            We have perused the documents on record, i.e. cash certificates of Alchemist Township India Ltd., copies of Bank Documents, photocopies of E/Chief, photocopy of  Savings Account Pass Book and other documents on record.  The OP i.e. Alchemist Township India Ltd. Is a multi faceted and  multi disciplined  organization having its core strength in Education, Food processing, Finance, Sports, Real Estate and Entertainment. They launched a Deposit Scheme to the public at  large for investment through its agents.  Complainant deposited Rs. 1,00,000/-, Rs. .10,000/-, Rs. 6,000/- and 20,000/- in 4 separate  parts. The certificate numbers of first three deposits are TD00221447, TCC0514748, TCC0514747, Rs.1,00,000/- Rs.10,000/- and Rs.6,000/- were deposited for the period  2 years 8 months i.e. the date of maturity was March,2016. The certificate No.TC00221448, worth Rs.20,000/- was deposited for the period of 3 years 6 months i.e. the date of maturity of the certificate is January,2016. The matured value of all certificates taken together is Rs.3,16,000/-  (Rupees three lakh sixteen thousand) only. It also appears that the OP  viz. Alchemist Township India Ltd. failed and neglected to refund either  the principal or  the matured amount to Complainant even after the lapse of maturity date. The certificates were matured  in the month of January, 2016 and March 2016.Complainant sent intimations to Alchemist Township India Ltd., but to no good. The OP remained absent in three consecutive days. They filed no written version. So OP’s view in this regard is not clear. We observe that the OP has  with held the amount deposited by the Complainant even after the date of maturity and  have been utilizing the same  for its ulterior gain as OPs did not file written version, they could not  ventilate their views and the Complainant has  remained in dark. Almost two years have passed Alchemist Township India Ltd does not find it important to contact with Complainant and inform the date of refund. They failed and neglected to pay the matured amount of the respective certificates to Complainant. We also observe with anxious  thought that for their own benefit and expansion of business, they are harassing the public inviting  investment  from their hard earned income. The OP Company has several investments in the field of Education, Food processing, Finance, Sports, Real Estate and Entertainment. The OP requires money to carry on  all the establishments. It appears that the OP viz. Alchemist Township India Ltd.  Collects the funds from introducing the cash investment scheme. The innocent public deposits money with a hope of  easy return. They could not imagine it in their distant dream that the OP would not return their hard earned money. The OP Company is deficient in service by not returning the Complainant’s money. OPs have also indulged the public at large for their own benefit and illegal gain. The Evidence on Affidavit filed by Complainant also remains unchallenged and uncontroverted from the side of the OP,  as a logical corollary  of the  discussion made above and having regard to documents and Evidence  on record, we think that Complainant is entitled to get relief as prayed for.

            Hence

                                                                        Ordered

            That the instant case be and the same is allowed ex parte against the OPs.

            OP is directed to make payment of Rs.3,16,000/- along with interest  at the rate of 9 percent p.a. since the date of maturity till compliance apart from litigation  cost of Rs.10,000/- to Complainant within one month from the date of this order.

            OP is  also directed to pay an amount of Rs.50,000/-, 50 percent of which to be paid to Complainant and 50 percent of this to be paid to this Forum for indulging in unfair trade practic.

Failure to comply with the order will entitle the complainant to put the order into execution u/s 27 of  C.P. Act 1986.