Complainants by filing this complaint has submitted that the complainant No.2 got a loan of Rs.37,756/- out of sanction of Rs.40,000/- loan against Loan Account No.S000047841 from the Indiabulls Financial Services Ltd. without showing any cause for disbursing only Rs.37,756/- out of Rs.40,000/-.  But since 05.06.2006 complainant started to pay the installment (EMI) @ Rs.2,311/- and he continued to pay till 05.08.2008 and in such a way complainant already paid Rs.62,397/- out of Rs.37,756/- and it was agreed that the said amount shall be paid within 27 months i.e. within two years and three months only.

          It is specifically mentioned that at the time of releasing the said loan amount, op took five blank cheques with signatures of the complainant being cheque Nos.102443 to 102447 of P.N.B. Ketopol Branch without any receipt for those cheques.  Thereafter the loan was disbursed and thereafter op received EMI from the complainant up to 05.08.2008 and after getting the loan, the complainant started EMIs by adopting ECS process and complainant did after paying 27 monthly installments @ Rs.2,311/- each regularly up to August 2008 and thereafter complainant stopped it because op did not give all the documents and legitimate quarries to the op but in the mean time op have sent Advocate’s letter on 08.09.2008  and somehow they used the blank cheques and that was placed and it was bounced and further the amount of the ops went to the house of the complainant along with identity card and threaten the complainant and their family members that if the further loan amount would not be paid they shall be faced such consequences and also demanded Rs.16,000/- without showing any cause for which they filed an G.D. Entry No. 1926/10 dated 25.08.2010 against the op and in fact op suppressed all the material documents including loan agreement and other terms and conditions what the complainants are entitled to and for harassing the complainant and for negligent and deficient manner of the op and also adopting unfair trade practice complainant has filed this complaint praying for relief.

          On the other hand op by filing written statement submitted and also admitted that on 16.05.2006 op sanctioned the loan of Rs.40,000/- to the complainant against Loan A/C No.S000047841 with such conditions and complainant knowing fully well of the terms and conditions accepted the same.  But complainant defaulted in the repayment of any amount due under the said agreement which fell due on 05.09.2008 and all installments thereafter and as a result a huge amount stood due and payable by the complainant to the op and a cheque bearing No.102447 dated 28.05.2009 issued by complainant no.2 as security deposit was dishonoured upon which the ops issued a notice u/s 138 of N.I. Act and called upon him to pay the same.  But thereafter finding no other alternative complainant filed a case No.3403/2009 and fact remains as per agreement complainant is liable to pay Rs.22,119/- but that has not been paid as yet but all other allegations are false and fabricated and further submitted that complainant got all documents and now they are stating falsely that they did not get all the documents and for which the present complaint should be dismissed.

                                              Decision with reasons

          On proper consideration of the arguments as advanced by the Ld. Lawyers of both the parties and also considering the fact that actually loan was sanctioned by the op in favour of the complainant to the extent of Rs.40,000/-.  But actually Rs.37,756/- was disbursed and as per agreement, the said loan amount should be paid by 27 months by paying EMIs of Rs.2,311/- per month and up to 05.08.2008, complainant already paid Rs.62,397/- and it is also proved that some blank cheques were taken by the op at the time of releasing the loan amount and out of that Rs.1,02,447/- was placed by the op.  Subsequently, by placing date and amount and thereafter they filed a complaint case u/s 138 of N.I. Act.  But fact remains that complainant already paid Rs.62,397/- up to 05.08.2008 against loan amount of Rs.37,756/-.  So, it is apparently clear that complainant already cleared entire dues with interest.

          But even then for some ill purpose op placed one blank cheque having no date by placing date and amount only for the purpose of squeezing money from the present complainant/customer and it is also proved that the complainant and their family members were attacked by the muscle men of the op on 24.07.2012 at 10:30 AM and that matter was informed to the Comissioner of Police of Lalbazar Kolkata on claim Case SC 1926/2010, 419, 506/402--------- was initiated at SCJM, Alipore.  So considering that fact, it is clear that op adopted some muscle men for squeezing more money even after payment of Rs.62,397/- against the said loan account and loan amount of Rs.40,000/- and it is equally true that out of Rs.40,000/- the sanctioned loan amount a sum of Rs.37,756/- was actually disbursed that is not denied by the op.  So, it is clear that op adopted unfair trade practice and practically op in several ways even after receiving Rs.62,397/- against disbursed loan amount of Rs.37,756/- tried to squeeze money and it is the common practice of the private limited financial institutions in such a fashion and their only business is to squeeze money like Kabuliwala from the poorer section of people who took such meagre amount of loan of Rs.40,000/-

          Further after considering the materials and evidence on record, it is found that op has failed to produce any document to show that they handed over the agreement and other terms and conditions of the loan amount to the complainant and another factor is that original documents are not produced by the complainant in this case also.  But they have filed some copies of the EMIs payment, but have not produced the copy of the original agreement and other papers.  So, considering the above fact, we are convinced to hold that ops have held up all those documents on the ground if those documents should be produced before this Forum in that case it would be found that op never supplied those copies on proper receipt of the complainant at the time of release of loan amount and it is also proved that blank cheques had been used by the op for the purpose of starting a criminal proceeding against the complainant only to harass and that cheque was bounded that Gurgaon and complaint was filed at Gurgaon only to harass the complainant. 

So, considering the above fact we are convinced to hold that all the method and process adopted by the op is illegal, uncalled for, malicious and at the same time it is unfair trade practice on the part of the op.  But considering the document and admission of the op that they have already received of Rs.62,397/- against actual loan amount of Rs.37,756/- and also considering other fact and materials as produced by the complainant had been proved that complainant practically paid entire amount including interest.  But it is the business of the op to grab or to squeeze more money from the poorer section of the people in such a fashion and fact remains the criminal proceeding as initiated by the complaint is false and fabricated and the cheque which was bounced was never issued by the complainant at any subsequent date or in the year 2009.  But it was one of the blank cheques colletecd by the complainant at the time of release all the said loan amount.  So, in the eye of law when proceeding has initiated by the complainant is vexatious, uncalled for and invariably the op shall have to withdraw it and entire act of the op is not only dishonest act but at the same time it is unfair trade practice and unmenchantable act on the part of the op.

          Taking into account of the entire materials and facts and also relying upon the above findings we are convinced to hold that the Indiabulls Financial Services Pvt. Ltd. is ----------- which is cheating the poorer section of poor people at random and in this case that has been proved and allegation of the complainant is proved beyond any manner of doubt for which we are convinced to hold that the complainant is entitled to get relief against the op for adopting unfair trade practice and unmenchantable path for converting blank cheques into negotiable instrument by the op and for filing such complaint at Gurgaon to harass the complainant.

          Thus, the complaint succeeds.

          Hence, it is

                                                ORDERED

          That the complaint be and the same is allowed on contest with cost of Rs.10,000/- against the op for adopting unfair trade practice by the op and also adopting unmerchantable path and for filing false criminal case by convering blank cheques into N.I.

          Ops are jointly and severally liable to pay punitive damages of Rs.50,000/- for adopting unfair trade practice and adopting unmerchantable path to squeeze money also from the complainant and only to check their such sort of habit and to protect the other customers from their ends this punitive damages is imposed and it must be deposited to the present Forum and same shall be treated as non-refundable.

Further for causing mental pain and agony and harassment ops are directed to pay a sum of Rs.20,000/- to the complainant for causing mental pain and agony.

Ops are directed to take such step for this criminal proceeding as initiated must be withdrawn by the op but even if complainant is harassed for that, in that case op shall have to pay further damages to the extent of Rs. 1,00,000/- to the complainant for facing such false case.

Ops are directed to comply the order within one month from the date of this order positively failing which for each day’s delay penal interest @ Rs.500/- per day shall be assessed till full satisfaction of the present decree for judgement and if it is found that ops are reluctant to comply the order, in that case, the penal proceeding shall be started and further penalty shall be imposed for which ops shall be liable.