Date of filing: 19/08/2019

Date of Judgment: 28/06/2023

Mrs. Ashoka Guha Roy (Bera), Hon’ble Member

            This complaint is filed by the Complainant namely Goutam Bhattacharya under section 12 of the Consumer Protection Act 1986, against opposite party namely 1) Teachers’ Welfare Credit & Holding Ltd. being represented by 2) Sri Swapan Ghosh the Managing Director and 3) Sri Dilip Ghosh the Branch Manager, alleging deficiency in service on its part.

            The dispute revolves round the non-payment of maturity proceeds as well as monthly interest in respect of various investments (MIS) being made by the complainant’s elder brother who being allured by the lucrative offer of the OP through its Managing Director, who introduced himself as Swapan Ghosh of a non-banking institution and induced the Complainants to keep fixed deposit at their institution with the assurance that they would return back the matured value on due date. So, Complainant’s elder brother Naba Bhattacharjee (since deceased) invested a sum of Rs. 4,40,000/- only in seven monthly income scheme(MIS) vide Account No.  R/2992/12/15, R/2989/12/15, R/33270/27/15, 33269/12/15, R/19371/66/12, R/33273/27/15, R/14553/67/12 for different periods and the said MIS Deposit accounts have already matured. The maturity value of the said MIS Deposit accounts would have been Rs. 6,24,450/-. The rate of monthly interest 12.5% per annum was to be given to your petitioners in hand by cash. After the death of the said Naba Bhattacharjee, Goutam Bhattacharjee, his younger brother has filed this case as his legal heir. The opposite party has paid the monthly interest to the depositor at an agreed rate @ 12.5% per month upto the month of December, 2014 in cash but the opposite party thereafter stopped paying the monthly interest. The complainant has come to know from the newspaper and other sources that the opposite party practically runs a chit fund business not registered under R.B.I. and their main business was to collect money from the market i.e. from the common people under the shield of a Company and thereafter defrauded the investors by not making any payment after the maturity period. At present the said Swapan Kumar Ghosh is either in jail custody or absconding. The office of the Opposite Party or his office bearers have thereafter neither refunded the money nor are responding or receiving the phone calls of the complainant and most of the time the office of the Opposite Party remains locked .Upon maturity of the deposited sum the Complainant requested the opposite party for refund of the maturity sum of Rs.6,24,450/- several times but opposite parties did not return back the matured value of the deposited amount to the Complainant. Inspite of several visit to the office of the opposite Party for refund of money but yielded no fruitful result. Hence, finding no other alternative the present case has been filed by the Complainants praying for directing the opposite party to return back the matured value of the deposited amount to the Complainant, with a prayer to pay interest on the amount from the date of the maturity, to pay Compensation for mental agony and harassment along with litigation cost.

            On perusal of the record, it appears that in spite of service of notice, as no step were taken by the opposite parties No. 1 & 2, so the case proceeded ex-parte against the Opposite parties but the OP No.3 contested case by filing written statement and BNA mainly contending that they are not necessary party to this case as the OP No. 3 during his temporary service, has signed the certificate in respect of A/C No. R/19371/66/12 & R/14553/67/12 and he was neither a Member/Director nor had any interest and right with profit & loss of the business of OP No. 1. Thus he is not connected in anyways with the business of the OP No. 1 the service provider and as such the complaint case is not maintainable against him.

            Complainant has filed the certificates issued by the opposite parties and certificates were duly signed by the Branch Manager which are  annexed with the complaint, copy of  Death certificate of the Depositor, copy of Aadhar Card of the Complainant, Affidavit of legal heirs certificate.

            So, the only point requires determination is whether the Complainant is entitled to the relief as prayed for.

Decision with reason

Complainant claimed that he deposited a total sum of Rs.4,40,000/- only  in seven monthly income scheme with the opposite parties and on receiving the said sum,7 number of certificates were issued. On perusal of the MIS certificates worth Rs. 6,24,450/- which has already matured long before the case was filed, but till date not a single penny was paid to the claimant by the Opposite Parties towards the same. Complainant has claimed that in spite of repeated request and visit to the office of the OPs, they denied to refund the matured sum. The certificate or the receipt bearing No. R/33257/12/15, R23651/66/13, R/23656/66/13, R10452/60/10, R/17419/67/12, R/20741/66/13, R/10271/60/10, R/20726/66/13 respectively filed by the Complainant and establishes his claim especially as no contrary material is forthcoming before this Commission except denial by OP No. 3. Since some certificates issued by the Opposite Parties clearly bears the signature of OP No. 3 as Branch Manager so the OP No. 3 cannot deny his liability towards the complainant.  

Moreover, it was the bounden duty of the opposite party to discharge all its liability towards the claimant by making timely payment of monthly interests along with its maturity value. The Opposite Parties deliberately abandoned its contractual obligations towards the complainant by withholding due payments to the complainant. So, as there has been unfair trade practice by the opposite parties, Complainant is entitled to the reliefs as prayed

Hence

            Ordered

CC/433/2019 is allowed ex-parte against Op No 1 & 2 and on contest against OP No. 3. Opposite parties shall pay the maturity amount against all the seven numbers of MIS Certificates in question together with defaulted interest amount in respect of the concerned certificates to the complainant. Accordingly they are directed to pay the aforesaid amount to the complainant within two months from the date of this order along with interest @ 12.5% on the said sum from the date of maturity till realisation. Opposite parties are further directed to pay litigation cost of Rs.10,000/- within the aforementioned period of two months.