FINAL ORDER/JUDGEMENT

SHRI REYAZUDDIN KHAN,MEMBER

This is an application U/S..35 of the C.P. Act, 2019.

The case of the complainant, in brief; is that the complainant  had purchased the fixed deposit scheme of Humara India Credit Co-Operative Society Ltd and in the name “F 64 Golden A Double” and deposited a total  sum of Rs,1,39,000/-( Rupees  One Lakh Thirty Nine thousand ) only on different dates and certificates for the period of 64 months having maturity amount 2,78,000/-(Rupees Two Lakhs Seventy Eight Thousands)only and maturity month July 2021.The complainant had purchased another fixed deposit scheme from Sahara Credit Co-operative Society Ltd.dated 31.03.2017

with two certificates amount of Rs,24000/(Rupees Twenty Four Thousand)Only having maturity value of Rs,48,000/-( Rupees Forty Eight Thousand)only.The certificates of the two fixed deposits of Sahara Credit Co-operative Society Ltd.have gone missing while the complainant was busy in shifting their residence.Accordingly,the complainant lodged a G.D  at Patuli P.S.    

Despite maturity, the OPs did not pay the matured amount along with interest.The complainant applied for refund of the matured amount vide Advocate letter dated 22.02.2022 but OPs did not pay attention to redress the grievances of the complainant. There is deficiency in service and unfair

trade practice on the part of the OPs.Finding no other alternative, complainant filed the instant consumer case praying for direction upon the OPs to refund the maturity  value of certificates amount 2,78,000/-(Rupees Two Lakhs Seventy Eight Thousands)only and Rs,48,000/-( Rupees Forty Eight Thousand)only along with interest of 18% per annum only Rs 1,00,000/- ( Rupees One Lakh )only as compensation for harassment and  mental agony and Rs 20,000/ (Rupees Twenty  thousand) only as litigation cost.

Despite service of notice, the OPs did not turn up to contest the case.

 As  such, the case has proceeded ex parte against the OPs.

 Points for Determination

In the light of the above pleadings, the following points necessarily have come up for determination.

1)  Whether the OPs are deficient in rendering proper service to the Complainant?
            2)  Whether the OPs have indulged in unfair trade practice?

           3)  Whether the complainant is entitled to get relief or reliefs as prayed for?

Decision with Reasons

Point Nos. 1 to 3 :-

Decision with Reasons

Upon perusal of the consumer complaint coupled with evidence of the complainant including photocopies of the money receipt we find that the complainant invested Rs, 2,78,000/-(Rupees Two Lakhs Seventy Eight Thousands)only and Rs,48,000/-( Rupees Forty Eight Thousand)only  vide different certificates annexed with the complaint petition. The maturity of those investment amount was already over. In spite of maturity, the OPs failed to discharge their contractual obligations regarding payment of matured amount

The OPs are fully aware that they are liable to pay the matured amount including interest thereon to the complainant.Complainant invested his hard earned money with the OPs. The OPs deliberately make their illegal gains and to deprive the complainant from his lawful right withheld the invested amount. Thus, the OPs have adopted unfair trade practice, and in fact, withhold the invested amount of Rs, 2,78,000/-(Rupees Two Lakhs Seventy Eight Thousands)only and Rs,48,000/-( Rupees Forty Eight Thousand)only  along with accrued interest thereon since long time till date which no doubt adopted deceitful manner of trade.The OPs have  failed to file written Version.Despite the above allegations of the complaint is deemed to have been admitted as correct. Complainant have filed his affidavit reaffirming the allegations. Thus, it stands proved that despite of having received Rs,1,39,000/-( Rupees  One Lakh Thirty Nine thousand ) only and Rs,24000/(Rupees Twenty Four Thousand)Only the OPs have failed to refund the maturity amount. In absence of any explanation for failure to comply with the stipulation of refund of maturity amount, we have no hesitation in concluding that the OPs have committed deficiency in service and also has indulged in unfair trade practice.

The Consumer Protection Act came into being in the year 1986. It is the 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,1,39,000/-( Rupees  One Lakh Thirty Nine thousand ) only and Rs,24000 (Rupees Twenty Four Thousand)Only to the OPs for his financial gain. The OPs failed and neglected to pay matured amount with interest since 2016/2017 to  the complainant and the act and conduct of the OPs are a clear case of deception, 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 the same elsewhere. The complainant cannot be wait indefinitely to get the matured amount.The complainant has suffered mental agony, pain 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 and not arbitrary. To get relief, the complainant has to wage a long drawn and tedious legal battle. In these circumstances, the complainant is entitled to refund of matured amount with interest, compensation and litigation cost.

In the result, the case succeeds .

Hence,

                                     Ordered

That the complaint case be and the same is allowed  Ex-parte against the OPs with litigation cost of Rs. 10,000/- (Rupees Ten thousand) only.

OPs are jointly or severally as per certificates annexed directed to refund matured amount of Rs,3,26,000/- ( Rupees Three Lakhs Twenty Six Thousand ) only along with interest @9% per annum since 2016/2017 as per certificates annexed till realization to the complainant within 60 days from the date of this order.

OPs is further directed jointly or severally  to pay Rs. 20,000/- (Rupees Twenty thousand) only as compensation for causing mental agony, pain and harassment to the complainant within the stipulated period.

Complainant put the order in execution, if the OPs transgresses to comply the order according to Consumer Protection Act, 2019 after the expiry of 60 days.