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 short 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 “Golden 24” and accordingly the complainant deposited a total  sum of Rs,50,000/-( Rupees Fifty Thousand) only dated 30.11.2018, certificate no.438000836658 for the period of 24 months having maturity amount as per the 887 joining points 88,795/-(Rupees Eighty Eight thousand seven hundred Ninety five)only and.The complainant had purchased another fixed deposit scheme from Hamara India Credit Co-operative Society Ltd.dated 30.11.2018,certificates No. .438000836659 for the period of 24 months having maturity amount as per the 887 joining points Rs,88,795/-(Rupees Eighty Eight thousand seven hundred Ninety five)only Total deposited amount of Rs,1,00,000 (One Lakh) only and the maturity value stands Rs,1,77,590(Rupees One Lakh Seventy Seven Thousand Five Hundred Ninety)only.

Despite maturity, the OP did not pay the matured amount along with interest. The complainant send a letter vide speed post for refund of the matured amount 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 two certificates amount Rs,1,77,590(Rupees One Lakh Seventy Seven Thousand Five Hundred Ninety)only along with interest and Rs 1,00,000/- ( Rupees One Lakh )only as compensation for harassment and  mental agony and Rs 10,000/ (Rupees Ten  thousand) only as litigation cost.

Despite service of notice, the OP did not turn up to contest the case.

 As  such, the case has proceeded ex parte against the OP.

 Points for Determination

In the light of the above pleadings, the following points necessarily have come up for determination.

          1)Whether the OP is deficient in rendering proper service to the Complainant?
            2)  Whether the OP has indulged in unfair trade practice?

           3)  Whether the complainant is entitled to get relief or reliefs as prayed for?

Decision with Reasons

Point Nos. 1 to 3 :-

Decision with Reasons

Upon perusal of the consumer complaint coupled with evidence of the complainant including photocopies of the money receipt we find that the complainant invested Rs,1,00,000/-(Rupees One Lakh)   vide different certificates annexed with the complaint petition. The maturity of those investment amount was already over. In spite of maturity, the OPs failed to discharge their contractual obligations regarding payment of matured amount

The OPs are 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, 1,00,000/-(Rupees One Lakh)only  along with accrued interest thereon since long time till date.The OP has  failed to file written Version.Despite the above allegations of the complaint is deemed to have been admitted as correct. Complainant has filed his affidavit reaffirming the allegations. Thus, it stands proved that despite of having received Rs,1,00,000/-( Rupees  One Lakh ) only 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,1,00,000/-( Rupees  One Lakh ) only to the OP for his financial gain. The OP failed and neglected to pay matured amount with interest since 30/11/2020 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 amount with interest, compensation and litigation cost.

In the result, the case succeeds .

Hence,

Ordered

That the complaint case be and the same is allowed  Ex-parte against the OP with litigation cost of Rs. 5,000/- (Rupees Five thousand) only.

1.OP as per certificates annexed directed to refund matured amount of Rs, Rs,1,77,590(Rupees One Lakh Seventy Seven Thousand Five Hundred Ninety)only along with interest @9% per annum since 30.11.2020 as per certificates annexed till realization to the complainant.

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.