IN THE CONSUMER DISPUTES REDRESSAL COMMISSION, KOLLAM

DATED THIS THE     28^th DAY OF MAY 2022

Present: -    Sri. E.M.Muhammed Ibrahim, B.A, LLM. President

        Smt.S.Sandhya   Rani. Bsc, LLB ,Member

       Sri.Stanly Harold, B.A.LLB, Member

    CC.No.268/2020

Reji George,

W/o George Mathew,

Mulamoottil Palavila Reji Bhavan,

Kundara East P.O., Kollam 691 501.

(By Adv.Saju George & Adv.S.Riyas)               :         Complainant

V/s                                                                                

1. Popular Dealers,

               Popular Towers, Vakayar P.O.,

                Pathanamthitta rep.by its Managing partner

              Mr.Thomas Daniel @ Roy Daniel:Opposite parties

2.      Mr.Thomas Daniel @ Roy Daniel,

             Managing Partner, Popular Dealers,

             Popular Towers, Vakayar P.O.,

             Pathanamthitta.

3.      T.Mathunni Panicker,

                     Kaleelil Plavila Raju Bhavan,

                    Ambipoika, Kundara P.O.,

              Kollam.

4.      Y.Mathew Panicker,

                     Manager, Popular Dealers, Kundara

                    Pallimukku Branch, Kundara, Kollam

                     residing at Mathew Bhavan,

                   Punnamukku, Perumpuzha P.O.,

             Kollam.

   ORDER

Sri.Stanly Harold, B.A.LLB, Member

          This is a case based on a complaint filed U/s 35 of the Consumer Protection Act 2019.

          The averments in the complaint in short are as follows:-

          The 1^st complainant is a teacher and now she is permanently residing in the address shown above.

          The 1^st opposite party is a partnership firm having its registered office at Vakayar, Pathanamthitta and branches at various places including Kundara, Kollam District.  The 2^nd opposite party is the managing partner of the 1^st opposite party, the 3^rd opposite party is the present branch manager of the 1^st opposite party’s Kundara branch and the 4^th opposite party was the former manager of the 1^st opposite party at Kundara branch from the very inception till 2019.  The complainant had made all the deposits mentioned hereunder during the tenure of the 4^th opposite party as the manager of the Kundara Pallimukku branch.

          The 4^th opposite party had approached the complainant in 2017 and requested her to make deposits in the branch of the 1^st opposite party at Kundara, Pallimukku.  At that time the 4^th opposite party assured the complainant that the amount deposited in the 1^st opposite party’s firm is secured and that the deposit amount would fetch a profit share/interest @ 16.67 % p.a.  He further assured that the profit share/interest for the deposit amount shall be given to the depositors either on its maturity or on demand.  He had further assured that the complainant that the 1^st opposite party is a highly reputed financial institution  status in our state government several years experience.  The 4^th opposite party also assured the complainant that they are ready and willing to return the deposit amount either on its maturity or on demand.  The 4^th opposite party was discharging his duties as the branch manager as per the direction of the 1^st and 2^nd opposite parties.  The complainant had trusted the representation made by the 3^rd and 4^th opposite parties as true and genuine and made several deposits before the 1^st opposite party’s branch at Kundara Pallimukku for which the share of profit/interest agreed to be paid @ was 16.67% per annum.    The details of the deposit made by the complainant at Kundara Pallimukku branch are as follows.

          The period of the said deposits are 72 months.  The amount with stipulated profit share/interest in respect of the deposits were agreed to be repaid to the complainant by the opposite parties either on its maturity or on demand.  Thereafter the complainant came to understand that the opposite parties committed gross financial irregularities in respect of the deposits made by the complainant and other depositors.  The complainant went to the office of the 1^st opposite party at Kundara on 28.08.2020 demanding the interest for the entire deposits till date.  Thereupon it was revealed that the Kundara branch of the 1^st opposite party was closed and 3^rd opposite party was found absconding.  On enquiry it was revealed that the opposite parties had misappropriated the amount deposited by various customers including the complainant and thereafter they absconded by closing all the branches.  As per the terms of the above three deposits the opposite parties are bound to pay the agreed rate of 16.67% as share of profit/interest for the deposit amount of Rs.4,00,000/- without fail.  Further the opposite parties are legally liable to repay the deposited amount either on its maturity or on demand.

          Immediately the complainant had preferred a complaint in respect of the above matter before the SHO, Kundara police station.  The police had already started investigation in respect of the complaint made by the complainant and other depositors.  The receipts herein produced is duly issued by the opposite parties 2 to 4 on behalf of the 1^st opposite party and hence all the opposite parties are jointly, severally and vicariously liable to indemnify the complainant for the amount deposited share of profit/interest.

          The complainant is legally entitled to get the amount with agreed share of profit interest mentioned in the deposits and the opposite parties are liable to

repay the said amount to the complainant.  The above act of the opposite parties amount to deficiency in service and unfair trade practice which resulted in financial loss, mental agony and hardship which cannot be compensated in term of money.  Hence the complaint.

Notice issued from the Commission returned unserved stating that the whereabouts of the opposite parties are not known.  Hence paper publication was effected. Even after paper publication the opposite parties 1 to 4 were called absent and   set exparte.

The complainant filed proof affidavit by reiterating the averments in the complaint and got marked Exts.P1 to P4 documents .  Heard the counsel for the complainant and perused the records.  Ext.P1 is original FD receipt for Rs.1,00,000/- No. 0122766 A/c No. 1029991704802 dated 20/09/17 in the name of Reji George.  Ext.P2 is the original FD receipt for Rs.1,00,000/- bearing No. 0122766 A/c No. 1029991704129 dated 20/09/17.  Ext.P3 is the original FD for Rs.2,00,000/- bearing No. 0123786 A/c No. 1029991705404 dated 07.10.2017.  Ext.P4 is the FIR registered by the Kundara Police Station.

The unchallenged averments in the proof affidavit coupled with Ext.P1 to P4 documents would establish prima facie that the complainant Smt.Reji George had deposited Rs.4,00,000/- on different dates stated in Ext.P1 to P3 receipts.  It is clear from the above original F.D receipts, the opposite parties have promised 16.67% share of profit/interest per annum and maturity date is 22.09.2023, 24,08.2023 and 07.10.2023 respectively. 

The unchallenged averments in the affidavit would go to show that the opposite parties have misappropriated the entire amount deposited by the customer including the complainant and thereafter closed the branch office and absconded without repaying the amount deposited or its share of profit to the depositors.  It is further clear from Ext.P4 F.I.R that the complainant had lodged a police complaint regarding the misfeasance, malfeasance and nonfeasance of the

opposite parties.  Hence there is deficiency in service and unfair trade practice on the part of the opposite parties.  In the circumstances the complainant is entitled to get an order directing the oppos ite parties to pay Rs.4,00,000/- deposited along with offered share profit shown in Ext.P1 receipt from the date of receipt of the amount till the date of order and thereafter interest @ 9% p.a.till the date of payment. 

   In the result complaint stands allowed in the following terms.

Opposite parties 1 to 4 are directed to return the amount covered by Exts.P1 to P3 F.D. receipts to the complainant along with agreed share of profit/interest from the respective date of deposit/investment within 45 days from today failing which the complainant is at liberty to recover the amount covered by Ext.P1 to P3 F.D receipt along with agreed share profit/interest till the date of order and thereafter interest @ 9 % per annum till realization from the opposite parties No.1 to 4 jointly and severally and from their assets.

The complainant is also allowed to recover Rs.10,000/- as compensation and costs of the proceedings from opposite parties 1 to 4 jointly and severally.

Dictated to the Confidential Assistant  Smt. Minimol S. transcribed and typed by her corrected by me and pronounced in the  Open Commission this the 28^th   day of  May 2022.        

STANLY HAROLD:Sd/-

E.M .MUHAMMED IBRAHIM:Sd/-

S.SANDHYA RANI:Sd/-

Forwarded/by Order

                                                                                       Senior superintendent

INDEX

Witnesses Examined for the Complainant:-Nil

Documents marked for the  complainant

Ext.P1 :Original FD receipt for Rs.1,00,000/- No. 0122766 A/c No. 1029991704802

            dated 20/09/17 in the name of Reji George. 

Ext.P2: Original FD receipt for Rs.1,00,000/- bearing No. 0122766

             A/c No. 1029991704129 dated 20/09/17. 

Ext.P3:   Original FD for Rs.2,00,000/- bearing No. 0123786 A/c No. 1029991705404

              dated 07.10.2017. 

Ext.P4: FIR registered by the Kundara Police Station.

Witnesses Examined for the opposite party:-Nil

Documents marked for opposite party:-Nil