BEFORE THE DISTRICT CONSUMER DISPUTES

REDRESSAL COMMISSION, JALANDHAR.

Complaint No.221 of 2021

      Date of Instt. 17.06.2021

      Date of Decision:21.02.2022

1.       Prashant Kumar Gupta, aged 41 years, son of Shri Thakur Dass         Gupta

2.       Smt. Shobha Gupta, aged 62 years, wife of Shri Thakur Dass  Gupta

          Both residents of House No.1700, Ward No.3, Nakodar, District       Jalandhar.

..........Complainants

Versus

1.       The Manager, Sahara Credit Co-operative Society Limited, Regd.      Office: Sahara India Bhawan, 1, Kapoorthala Complex, Aliganj,          Lucknow, U. P. 226024.

2.       Subrat Rai, Chairman, Sahara India Parivar, Sahara, Lucknow,          U. P. 226020.

3.       The Manager, Sahara Credit Co-operative Society Limited,      Branch Office-2457, R 21, Ras Bahar Colony, Sahara India         Office, Sipri Bazar, Jhansi, U. P. 226003.

4.       The Manager, Humara India Credit Co-operative Society         Limited, Sipri Bazar Branch Office-2457, R 21, Ras Bahar  Colony, Sahara India Office, Sipri Bazar, Jhansi, U. P. 226003.

5.       The Manager, Humara India Credit Co-operative Society         Limited, Regd. Office: Mangal Jyoti, 202, 337/3, AJC Bose           Road, Kolkata, West Bengal 700020.

6.       Mohd. Shakir Khan, Investment Officer, R 21, Ras Bahar        Colony,       Sahara India Office, Sipri Bazar, Jhansi, U. P. 284003.

….….. Opposite Parties

Complaint Under the Consumer Protection Act.

Before:        Dr. Harveen Bhardwaj             (President)

                   Smt. Jyotsna                            (Member)   

                   Sh. Jaswant Singh Dhillon       (Member)                                

Present:       Sh. S. C. Sood, Adv. Counsel for the Complainants.

                   OPs No.1 to 6 exparte.

Order

Dr. Harveen Bhardwaj(President)

1.                The instant complaint has been filed by the complainants, wherein it is alleged that the complainants have been allured into investment by the OP i.e. Sahara India Privar and the advertisements of the OPs are being made at a very large scale throughout India through different mode of advertisements i.e. print media, digital and also through agents at a large scale. In fact, the entire functioning and information about the OPs is also available on its official website in addition to multiple advertisements by the OP No.2, Subrat Rai on various platforms. That the complainants were allured by such advertisements and were also approached by the OP No.6 for investment in form of deposits and accordingly, complainant No.2 invested the same for an amount of Rs.10,50,000/- i.e. Rs.5,50,000/- and Rs.5,00,000/- at Sipari Bazar Branch, Jhansi Sector, Gwalior i.e. with OPs No.1 and 3 and certificates to this effect have also been issued confirming the deposits which were to mature on 04.04.2019. Monthly interest on these deposits was also paid and therein no dispute regarding the same. That as the said deposits were to mature on 04.04.2019 and the complainants vide letter dated 22.03.2019 had requested the OPs No.3 and 1 to reinvest the above mentioned deposits under monthly scheme for sixty months with mode of operation “Either or Survivor”. That the OPs No.3 and 1 instead of reinvesting the amount as per the letter have with malafide intention invested the same in Humara India Credit Co-operative Society Limited i.e. OPs No.4, 5 and 6 without any such instructions. In fact the OPs have created, defrauded and acted against the interests of the complainants. Such investment has been in violation of letter dated 22.03.2019 and against instructions of the complainants. The complainants were not even in kept in any loop and the OPs in fact acted unilaterally and the details of the investments made against instructions as under:

a)       That a sum of Rs.5,50,000/- has been invested in Golden E Basera Project and issued Receipt No.697000811358 and it was settled that the OPs will pay monthly interest of Rs.5042/- in the account of the complainants and this investment was for the period of 60 months with maturity amount of Rs.5,50,000/- with maturity date 15.04.2024.    

b)      That a sum of Rs.5,00,000/- has been invested in Junction Basera Humar Project and issued Receipt No.717000720057 and it was settled that the OPs will pay monthly interest of Rs.5000/- in the account of the complainants and this investment was for the period of 120 months with maturity amount of Rs.5,00,000/- with maturity date 15.04.2029.

2.                That in fact interest for the said schemes also has not been paid for the months of April and May, 2020 and also no interest of the same has been received by the complainants since September, 2020 till date. Thereafter the OPs had paid interest for the period from 21.05.2019 to 28.08.2020 (except for the months of April and May, 2020) as per account maintained in regular and ordinary course. The principal amount of Rs.10,50,000/- is also liable to be redeemed as the OPs have breached the fiduciary relationship by wrongfully investing the amount exhausted by the complainants in addition to the interest. There were no instructions, authorization and power to invest the amount of the complainants is an unknown scheme or with Humara India and after paying interest for few months i.e. from 21.05.2020 to 28.08.2020 (except April and May 2020) the OPs have adopted a modus oprandi and have stopped making any payments. It is important to mention that earlier also the OPs were involved in dubious and questionable transactions forcing SEBI to take coercive actions against OPs which was upheld till Supreme Court of India and corpus amount had to be got deposited before the SEBI as per order of SEBI and the Court. For refund of the amount in case of default. That such act, conduct and omission on the part of the OPs in itself amounts to deficiency in service and unfair trade practice and in fact to this effect legal notice dated 22.12.2020 has been issued by the complainants through their counsel and inspite of receiving the said legal notice OPs have failed to settle the matter and as such, the present complaint filed with the prayer that the complaint of the complainant may kindly be accepted and OPs be directed to pay the claim amount of Rs.10,50,000/- with interest @ 12% per annum on the claim amount for the month of April, May 2020 and from September, 2020 onward till its realization and further be directed to pay Rs.50,000/- as compensation for casuing mental tension and harassment to the complainant and Rs.20,000/- as litigation expenses.

3.                Notice of the complaint was given to the OPs, but despite service all the OPs failed to appear and ultimately, all the OPs were proceeded against exparte.

4.                In order to prove the exparte claim of the complainant, the counsel for the complainant tendered into evidence duly sworn affidavit of the complainant Ex.CA alongwith some documents Ex.C-1 to Ex.C-10 and then closed the evidence.

5.                We have heard the argument from learned counsel for the complainant and have also gone through the case file very minutely.

6.                The case of the complainant is that the complainants invested Rs.10,50,000/- i.e. Rs.5,50,000/- at Sipari Bazaar Branch, Jhansi Sector, Gwalior with OPs No.1 and 3 after allured by the advertisement and at the request of OP No.6. The OPs without the consent of the complainant reinvested the amount in OPs No.4 to 6. The complainant requested to OP No.1 and 3 to re-invest the deposits under monthly scheme for 60 months with mode of operation “Either or Survivor” dated 22.03.2019 as the deposits were to be matured on 04.04.2019. The OPs have re-invested the amount in an unknown scheme without the instructions of the complainant for 60 months regarding the amount of Rs.5,50,000/- and for 120 months regarding the amount of Rs.5,00,000/-. The OPs has not paid the interest for April and May 2020 and the interest after September 2020 has not been received. He has alleged deficiency in service and unfair trade practice and requested that the amount of Rs.10,50,000/- along with interest, compensation and litigation expenses has been sought by the complainant.

7.                On the other hand, none has appeared on behalf of the OPs to contest the case and ultimately, all the OPs were proceeded against exparte.

8.                Ex.C-1 is the certificate issued by the OPs No.1 and 3 for the investment of amount of Rs.5,50,000/- with maturity date of 04.04.2019. The monthly interest amount was to be paid as per this document. This certificate was in the name of complainant No.2. Similarly, as per Ex.C-2 also the maturity date is 04.04.2019 with monthly interest. The same is also in the name of the complainant No.2. Ex.C-3 is a letter dated 22.03.2019 written to Branch Head of OP No.1 and 3 to reinvest the money for 60 months under monthly income scheme in the joint name of complainants. Ex.C-4 is the certificate issued by Junction Basera and Humara India Credit Cooperative Society Limited in the name of complainants jointly for Rs.5,00,000/- and the maturity date has been mentioned as 15.04.2029. Similarly another certificate was issued as per Ex.C-5 in the joint name of the complainants for Rs.5,50,000/- with maturity date of 15.04.2024. Legal notice Ex.C-6 with the postal receipts and track record of the OPs regarding the receiving of the legal notice Ex.C-7 to Ex.C-8 has been proved by the complainant.

9.                As per the statement of account and the passbook, the interest was received by the complainants upto March 2020, no interest was deposited for the month of April and May and as per record no interest was deposited by the OPs after September 2020, whereas they were bound to deposit the interest in the account of the complainants. The complainant has filed the complaint on 17.06.2021 and till then, he has not received the amount of interest after August 2020 as alleged.

10.              Since the OPs are exparte, therefore no reply and no defence is there to be relied upon and ultimately, the allegations of the complainant remained un-rebutted and un-challenged because there is no rebuttal evidence on the file qua the allegations of complainant. Therefore the complainant is entitled for the refund of the claim amount i.e. Rs.10,50,000/- alongwith interest, compensation and litigation expenses.

11.                  In view of the above detailed discussion, the complaint of the complainant is exparte partly allowed and OPs are directed to refund the claim amount i.e. Rs.10,50,000/- with interest for the month of April, May and from September, 2020 as agreed and the interest @ 6% per annum from the date of filing complaint till realization and further OPs are directed to pay Rs.8000/- as compensation for causing mental tension and harassment to the complainant and Rs.5000/- as litigation expenses. The entire compliance be made within 45 days from the date of receipt of the copy of order. This complaint could not be decided within stipulated time frame due to rush of work.

12.              Copies of the order be supplied to the parties free of cost, as per Rules. File be indexed and consigned to the record room.

Dated          Jaswant Singh Dhillon    Jyotsna                Dr.Harveen Bhardwaj    21.02.2022         Member                        Member           President