<br /> COMPLAINT FILED: 26.12.2008<br /> <br /> BEFORE THE DISTRICT CONSUMER DISPUTES REDRESSAL <br /> FORUM AT BANGALORE (URBAN)<br /> <br /> <br /> 31st JANUARY 2009<br /> <br /> PRESENT :- SRI. A.M. BENNUR PRESIDENT <br /> SMT. M. YASHODHAMMA MEMBER <br /> SRI.A.MUNIYAPPA MEMBER <br /> <br /> <br /> COMPLAINT NO.2800/2008<br /> <br /> <br /> COMPLAINANT Sri.M.R.Sriramamurthy,S/o Late Ramaswamy M.S,Aged about 67 years,Residing at No.838,3rd Main Road, E Block,Rajajinagar 2nd Stage,Bangalore – 560 010.Advocate – Smt.Vidya Jahagirdar<br /> OPPOSITE PARTIES V/s1. Sri.Srinivas Shastry,President,VINIV-INC Souhardha Credit Co-operative Limited, No.53 to 58, 2nd & 4th Floor,Chakravarthi Complex,Sajjan Rao Circle, V.V.Puram,Bangalore – 560 004.2. Sri.Lokesh,Secretary,VINIV-INC Souhardha Credit Co-operative Limited,No.53 to 58, 2nd & 4th Floor,Chakravarthi Complex,Sajjan Rao Circle, V.V.Puram,Bangalore – 560 004.(Both are in Judicial Custody & service through Superintendent of Police, Central Jail, Parappana Agrahara, Bangalore)<br /> <br /> O R D E R<br /> <br /> This is a complaint filed U/s.12 of the Consumer Protection Act of 1986 by the complainant seeking direction to the Opposite Party (herein after called as O.P) to refund Rs.1,90,000/- together with interest and for such other relief’s on an allegations of deficiency in service. <br /> <br /> <br /> The brief averments, as could be seen from the contents of the complaint, are as under:<br /> 2. The complainant being carried away with the monthly rate of interest which OP promised to offer on the fixed deposits, deposited his hard earned money as per the statement in the form of a chart given below on various dates. OP being a company engaged in financial dealings, receiving of deposits, accepted the said deposits and acknowledged by issuing the receipts on the respective dates. Thereafter OP failed to pay the interest as promised and even failed to return the deposits made by the complainant. The repeated requests and demands made by the complainant seeking for refund of the deposits have gone in vain. OP in one or the other pretext went on dodging the repayment of the investors and one fine day closed down its business and ran away. Thus the complainant felt that there is a deficiency in service on the part of the OP. For no fault of his, he is made to suffer both mental agony and financial loss. Under the circumstances complainant is advised to file this complaint and sought for the reliefs accordingly.<br /> The details of investment made by the complainant is as follows.<br /> <br /> Sl. No. Complaint No. & complainant Name Receipt No. Date Amount Deposited / Claimed.<br /> 1) 2800/2008 Sriramamurthy M.R 22676 27836 32633 33774 40887 50911 03.07.2004 04.10.2004 01.12.2004 13.12.2004 05.03.2005 23.06.2005 Rs. 60,000-00 Rs. 10,000-00 Rs. 20,000-00 Rs. 10,000-00 Rs. 10,000-00 Rs. 80,000-00<br /> Rs.1,90,000-00<br /> <br /> 3. On admission and registration of the complaint notices were sent to the OP who are now housed in the Central Jail of Bangalore. The notices were duly served on the OP through the Jail Superintendent. OP’s have not made any arrangement to represent themselves in these cases. Thus the complainant was asked to file his affidavit evidence.<br /> 4. In order to substantiate the complaint averments, complainant filed the affidavit evidence and produced the documents. OP neither filed the version nor participated in the proceedings. Hence the arguments were heard.<br /> <br /> 5. It is the contention of the complainant that he being lured away with a higher rate of interest promised by OP that too at the rate of 4 – 6% p.m on the fixed deposit, deposited his hard earned money as mentioned in the complaint and as noted in the above said statement. It is not a small amount. Complainant deposited an huge amount running into lakhs. OP acknowledged the said amount and issued receipts. The documents to that effect are produced by the complainant.<br /> <br /> 6. The evidence of the complainant finds full corroboration with the contents of the above said undisputed documents. OP has not denied the averments made in the complaint or in the affidavit evidence leave apart the contents of the documents relied upon by the complainant. The non participation of the OP even after due service of the notice leads us to draw an inference that OP admits all the allegations made by the complainant in toto.<br /> <br /> 7. It is a quality of evidence that is more important than that of the quantity. The evidence of the complainant both oral and documentary has remained unchallenged. It is an unimpeachable evidence. OP retained the said huge amount, accrued the wrongful gain to self thereby caused wrongful loss to the complainant that too for no fault of his. Naturally complainant must have suffered both mental agony and financial loss. There is a proof of deficiency in service on the part of the OP. Under the circumstances in the interest of justice we are of the opinion that it is a fit case wherein complainant deserve the relief claimed. For these reasons we proceed to pass the following: <br /> <br /> O R D E R<br /> <br /> Complaint is allowed. OP’s are directed to refund Rs.1,90,000/- together with interest at the rate of 9% p.a from the date of deposit till realization and also pay a cost of Rs.1,000/-. This order is to be complied within four weeks from the date of its communication.<br /> (Dictated to the Stenographer and typed in the computer and transcribed by him, verified and corrected, and then pronounced in the Open Court by us on this the 31st day of January 2009.) <br /> <br /> <br /> <br /> MEMBER MEMBER PRESIDENT<br /> <br /> <br /> V.l.n* <br /> <br /> <br />