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 been convinced from a local agent about the fixed deposit scheme of Humara India Credit Co-Operative Society Ltd in the name “F 36 Golden VM”.and deposited a sum of Rs,41,099 /-( Rupees  Forty one  thousand ninty nine ) only vide Receipt No.665015087754 & certificate No. 605001599389 on 31/05/2016 for the period of 36 months having maturity amount 63,128/- and maturity date-31/05/2019 another amount of Rs 36,533/- vide receipt no.665015087755 & Certificate No.605001599390 for the period of 36 months and maturity date 31/05/2019.The total sum of Rs,77,632/ ( Rupees Seventy seven thousand Six hundred thirty two  )only and the maturity values stands Rs,1,19,243 ( Rupees One Lakh nineteen thousand two hundred forty three ) on maturity date 31.05.2019 of both the certificates.Despite maturity, the OP did not pay the matured amount along with interest. The complainant applied for refund of the matured amount vide letter dated 19.02.2020 but OP 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 OP. Finding no other alternative, complainant filed the instant consumer case praying for direction upon the OP to refund the maturity  value of certificates amount of Rs Rs,1,19,243 ( Rupees One Lakh nineteen thousand two hundred forty three) only Rs 20,000/- ( Twenty Thousand)only as compensation for mental agony and Rs 10,000/ (Rupees ten thousand) only as litigation cost.

            OP contested the case by filing the WV.It is contented in WV that the complaint petition has stated are totally false and fabricated and there is no any kind of unfair trade practice on the part of the OP. It is also contended in the WV that the complainant is not a consumer as defined under consumer protection Act,2019 and as such the complaint is not maintainable and is liable to be dismissed

The WV as filed by the OPs on 23.11.2020 in one sheet that has no basis and hence there is no leg to stand in the instant case.As the OP has failed to refund the maturity amount of the fixed deposit of the complainant after maturity of the said certificate hence this is a continue cause of action until the OP refund the maturity amount to the complainant. It is our considered view that the complainant is very much consumer in the instant case under consumer Protection Act 2019.

Decision with Reasons

Upon perusal of the consumer complaint coupled with evidence of the complainant including photocopies of both the money receipts dated 31.05.2016,  we find that the complainant invested Rs. Rs,77,632/ ( Rupees Seventy seven thousand Six hundred thirty two) only to the OP. The maturity date of those investment amount was 31.05.2019 . In spite of maturity, the OP failed to discharge their contractual obligations regarding payment of matured amount

The OP is 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 OP. The OP deliberately make their illegal gains and to deprive the complainant from his lawful right withheld the invested amount. Thus, the OP has adopted unfair trade practice, and in fact, withhold the invested amount of Rs. Rs,77,632 /- along with accrued interest thereon since 31/05/2016  till date which no doubt adopted deceitful manner of trade. The OP has  filed 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. Rs,77,632/- the OP has 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 OP has 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.,77,632/- to the OP for his financial gain. The OP failed and neglected to pay matured amount with interest since 31.05.2016 to  the complainant and the act and conduct of the OP is 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 OP,  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 with interest, compensation and litigation cost.

In the result, the case succeeds .

           Hence,

                                     Ordered

That the complaint case be and the same is allowed contested against the OP with litigation cost of Rs. 8,000/- (Rupees eight thousand) only.

OP is directed to refund matured amount of 1,19,243 ( Rupees One Lakh nineteen thousand two hundred forty three ) only along with interest @12% per annum since 31/05/2019 till realization along with litigation cost to the complainant within 60 days from the date of this order.

OP is further directed 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 OP transgresses to comply the order according to Consumer Protection Act, 2019 after the expiry of 60 days.