FINAL ORDER/JUDGEMENT           

SHRI SWAPAN KUMAR MAHANTY,   PRESIDENT

The complainant alleges that he deposited Rs.  5,32,000/-  to the OP-4 against Membership No.  624688000606 and the OP-4 issued certificates bearing Nos.  697000041176 & 697000041177  against Account Nos. 24687401337 &  24687401338 .  Those investment for a period of  60 months and to pay monthly interest of Rs. 2,438/- against two certificates which comes Rs. 2,438/- each against two certificates which comes to Rs. 4,876/- per month. The OPs were all along paying monthly interest against the above certificates till September, 2019 and thereafter, stopped making payment of any interest. Despite several request, the OPs failed and neglected to pay the deposited amount along with monthly interest since October,  2019 without assigning any reason though the OPs have assured that they will refund the deposited amount. Complainant vide letter dated 23.06.2020 requested the OPs to refund the deposited amount along with interest  at the rate of 18  percentper annum within a period of 15 days from the date of receipt thereof. In spite of letter dated  23.06.2020, the OPs failed and neglected to refund the principal amount along with interest thereon to the complainant . The act of the OPs tantamount to deficiency in service and unfair trade practice. Hence, the complainant approached the commission by way of consumer complaint  seeking refund of deposited amount along with interest, compensation and litigation cost.

OPs contested the case by filing by WV challenging the maintainability of the consumer case. The specific case of the OPs is that the complainant is not a consumer under the definition of Consumer Protection Act and the OPs are commercial/ financial institution and the grievance of the complainant should be redress in Civil Court. The complainant did not produce original certificates and  KYC documents to the OPs for internal process of disbursement of payment. Hence, the consumer complaint is liable to be dismissed.

Complainant Mantu Prasad Lal filed his E/chief supported by an affidavit and he has also relied relevant documents which are annexed with the consumer complaint. Despite several opportunities, the OPs failed to file their E/chief.

We have heard argument. Perused the evidence of the complainant coupled with material on record. The Ld. Advocate for the complainant has argued that the OPs in spite of receiving huge amount  has miserably failed to pay agreed monthly interest to the complainant. Complainant further alleged to have been cheated and having no other option left the complainant before this commission praying for refund of the deposited amount along with interest, compensation and litigation cost.

Upon perusal of the consumer complaint coupled with evidence of the complainant and photocopies of the certificates dated  15.12.2018 and 31.12.2018, we find that complainant invested Rs. 5,32,000/- to the OP-4 for a period of  60 months. The OPs failed and neglected to pay monthly interest of Rs. 2,438/- each to  the complainant since October,  2019 without assigning any reason. We have also gone through the photocopy of letter dated  23.06.2020 of the complainant. The said letter goes to show that despite request the OPs failed to refund the invested amount along with monthly interest. The OPs are fully aware that they are liable to pay monthly interest to the complainant against the certificates. Complainant invested his hard earned money with the OPs. The OPs are deliberate to make illegal gains and to deprive the complainant from his lawful right. In fact, the OPs withhold the deposited amount coupled with monthly interest which no doubt deceitful manner of trade. Despite filing of  WV, the OPs did not file their E/chief to controvert the allegations of the complainant. Thus, the allegation in the complaint are deemed to have been admitted as correct. It is well settled that the allegation made in the complaint, if not denied is deemed to be admitted as correct. Complainant in his E/chief did support the allegations of the complaint. Therefore, it cannot be said that complainant has failed to prove deficiency in service.

According to CP Act,  it is benevolent piece of legislation  to protect  the consumers from exploitation. The spirit of the benevolent legislation cannot be overlooked and its object is not to be frustrated. The complainant has invested Rs. 5,32,000/- to the OP-4 against certificate Nos. 697000041176 & 697000041177  with the hope to get Rs. 4,876/- as monthly interest. The OPs arbitrarily stopped making payment of interest from the month of October, 2019 . The act and conduct of the OPs is a clear case of the depiction, which resulted in the injury and loss of opportunity to  the complainant.  Had the complainant not invested his money with the OPs, he would have invested same elsewhere. The complainant cannot be wait indefinitely to get invested amount. The complainant has suffered mental agony and harassment. It is settled principle of law that the compensation should be commensurate with loss of suffered and it should be just, fair and reasonable not arbitrary. To get relief, the complainant has wage a long drawn tedious battle. In this circumstance, the complainant is entitled to get refund of deposited amount along with interest, compensation and litigation cost.

On the basis of above discussions, the consumer complaint is allowed on contest against the OPs with the following directions:-

1. The OPs are directed to refund Rs.  5,32,000/- (Rupees five lacs thirty two thousand) only along with interest  at the rate of 5  percentp.a. from October, 2019  till realization to the complainant.

2. The OPs are further directed to pay Rs.  10,000/- (Rupees ten thousand) only  as compensation to the complainant on account of mental agony and physical harassment.

3. OPs are also directed to 5,000/- (Rupees five thousand) only to the complainant  as litigation  cost.

The above directions be complied by the OPs with in a period 90 days from today.

For failure or omission in compliance within the stipulated period, the complainant shall be at liberty to put the order in execution under the provisions of CP Act, 2019.

Copy of the judgment be supplied to the parties as per rules. Judgment be uploaded on the website of this Commission forthwith for perusal of the parties.