This is a complaint made by (1) Smt. Bipasha Ganguly, wife of Shri Sudam Ganguly and (2) Shri Parthik Ganguly, son of Sri Sudam Ganguly, both of Anila Apartment, Flat No.E, P.S.-Barasat, PIN-700 126, Dist.-North 24-Parganas against (1) Teacher’s Welfare Credit &Holding Ltd., having its Head office at 10/99, Bijoygarh, P.S.-Jadavpur, Kolkata-700 092, OP No.1 and (2) Swapan Ghosh, Managing Director of Teachers’ Welfare Credit & Holding Ltd., 10/99, Bijoygarh, P.S.-Jadavpur, Kolkata-700 092, OP No.2, praying for (a) refund of Rs.7,00,000/- with interest @9%p.a. from August, 2015 till the date of filing this complaint and (b) compensation for harassment and mental agony to the tune of Rs.1,50,000/- (c) damages for unfair trade practice to the tune of Rs.1,00,000/- and (d) litigation cost of Rs.25,000/-.

            Facts in brief are that OP No.1 published an advertisement in a daily newspaper highlighting the benefits to be available making investment with the OP No.1. OP No.2 is the Managing Director of OP No.1.

 Complainants No.1 & 2 being lured by such advertisement of the OPs decided to invest with OP No.1. Complainants invested a sum of Rs.6,00,000/- with the OPs on 5.5.2008 under the monthly income scheme. Investment period was for 60 months with interest @ 12.5% from 5.5.2008 to 5.5.2013. Thereafter, they also invested Rs.1,00,000/- more and the principal amount became Rs.7,00,000/-. Interest accrued upon the principal amount was paid by the OPs to the Complainants after maturity of the aforesaid amount with the OP No.1. Complainants were unable to run their family and so they requested to the OPs to return the principal amount. But, OPs persuaded to reinvest and so they reinvested for a period of 36 months with interest of 9%p.a. from 8.5.2015 to 8.5.2018. After maturity the principal amount was to be returned to the Complainant.

            After reinvestment on 8.5.2015 the OPs issued post dated cheques from the month of May,2015 to till May, 2016, drawn on Canara Bank which was deposited for encashment. But the cheque was returned unpaid by the Bank. Complainant No.1 informed this fact to the OP No.2. OPs deposited cash money in June, 2015 and July, 2015. Thereafter, the OPs stopped paying the monthly interest from August, 2015 and onwards. But, no reply was given by the OPs. The employee of OP received the telephone call and told no interest will be paid as per the decision taken by the Company. So, Complainant filed this case.

            OP No.1 & 2 filed written version and denied all the allegations of the complaint. Further, OPs have stated that Complainant has informed the P.S. and a case has been started and the amount, alleged in the complaint petition is under investigation and so OPs cannot pay the amount.

            Further, OPs have stated that the date of maturity of the amount invested by the Complaint is 8.5.2018. Hence, the complaint is pre-matured. So, the OPs have prayed for dismissal of the complaint.

Decision with reasons

            Complainant filed affidavit-in-chief wherein they have reiterated the facts mentioned in the complaint petition. Against this, OP No.1 & 2 have filed questionnaire to which Complainant have filed affidavit-in-reply. OP No.1 & 2 have also filed evidence on oath against which Complainant filed questionnaire to which OP No.1 & 2 have filed affidavit-in-reply.

            Main point for determination is whether Complainant is entitled to the reliefs as prayed for.

            In this regard, it appears that Complainants allegedly reinvested Rs.7,00,000/- with the OP of which Complainant has filed a Xerox copy of the certificate which reveals that on 8.5.2015 Complainants invested Rs.7,00,000/- to which OPs agreed to give 9% interest and the principal amount was to be paid on the date of maturity i.e. 8.5.2018.

            From the questionnaire and evidence filed on behalf of the parties, it is clear that there was system of payment of monthly interest to the Complainants. Otherwise, it would not have been mentioned in the certificate that principal amount was to be returned on 8.5.2018.

            Further, it appears that OPs did not pay due monthly interest to the Complainants and so Complainants were compelled to file this case.

            As against above, OPs have made out the case. In the written version and stated that Complainants have filed a P.S. case and the money is under investigation and, so, this Forum does have any jurisdiction to order for refund of the money received by them.

            But, it appears that OPs have taken Rs.7,00,000/- from the Complainants and did not pay monthly interest which they were required to pay which became the cause of action for filing this case.

            Accordingly, we are of the view that Complainants are entitled to refund of Rs.7,00,000/- with interest @ 9%p.a. from August, 2015 to till date of filing of this complaint which Complainants have sought.

            So far as the compensation to the tune of Rs.1,50,000/-, Rs.1,00,000/- and Rs.25,000/- of litigation cost are concerned, we are of the view that there is no specific ground for passing the order for making payment by OPs to the Complainants, compensation and litigation cost.

            Hence,

ordered

            CC/236/2016 and the same is allowed on contest in part. OPs are directed to refund Rs.7,00,000/-  with interest @ 9%p.a. from August, 2015 upto filing of this case within two months of this order, in default, this amount shall carry interest @ 10%p.a. till realization. Liability of opposite parties are joint and  several.