DATE OF FILING : 23.11.2017

IN THE CONSUMER DISPUTES  REDRESSAL FORUM, IDUKKI

Dated this the 31st  day of  May,  2018

Present :

SRI. S. GOPAKUMAR PRESIDENT

          SRI. BENNY. K. MEMBER

CC NO.247/2017

Between

Complainant       :   Mathew, S/o. Mathai, 

Molayil, 

Vathikkudy, Padamugam P.O.,

Idukki.

(By Adv:  K.B. Selvam)

And

Opposite Party                                          :    The Branch Manager,

Federal Bank Ltd.,

Kombanadu Branch,

Perumbavoor P.O.,

Ernakulam.

 

O R D E R

SRI. S. GOPAKUMAR, PRESIDENT

 

Case of the complainant in brief is that,

 

Complainant invested an amount of Rs.3 lakhs in an income generating scheme run by the 1st opposite party bank.  At the time of maturity, the complainant approached the opposite party and enquired about his deposit.  At that time, opposite party manager informed him that his money is invested in an insurance scheme of IDB Forties and further informed that he will get the assured amount only after three more years.  When that period is over, the complainant approached the opposite party to get back the deposited amount along with interest and other benefits.  At that time, opposite party contacted some others and replied they will arrange it soon by cheque.  But till date complainant has not received the amount, hence he constrained to file this complaint.

 

On notice, opposite party entered appearance and statedthat, the complaint is not maintainable herein, since the complainant deposited the amount in an income generating scheme and it will not come under the purview of Consumer Protection Act as per the findings of the Hon'ble National Commission in various cases. (cont....2)

-  2  -

 

Hence the matter heard in detail.

 

On perusal of the averments in the complaint, it is an admitted fact that the complainant invested the amount in an income generating insurance scheme of opposite party bank, i.e., IDB Forties.  Hence the Fourm is of a considered view that, complainant deposited the amount for a speculative gain and he will not be considered as a consumer as envisaged under section 2(d) of the Consumer Protection Act, 1986.  The complaint is not maintainable and dismissed.

 

       Pronounced in the Open Forum on this the 30th day of May, 2018

 

       Sd/-

   SRI. S. GOPAKUMAR, PRESIDENT

        Sd/-

           SRI. BENNY. K., MEMBER

 

 

Forwarded by Order,

 

 

 

SENIOR SUPERINTENDENT