FINAL ORDER/JUDGEMENT
SHRI SWAPAN KUMAR MAHANTY, PRESIDENT
The facts, as stated in the complaint and emerged from the documents attached with it, are that Humara India Credit Co-operative Society Ltd. is a Financial Institution. OP is the Secretary of Humara India Credit Co-operative Society Ltd. Complainant invested Rs. 1,02,023/- with the OP and OP issued four certificates bearing Nos. 605001599378 to 605001599381 on 31.05.2016. The maturity dates of those certificates is 31.05.2019. Despite maturity and repeated request, the OP did not refund the matured amount. Notice dated 19.10.2020 was issued to the OP but no fruitful result is forthcoming. Complainant further alleges that there is gross deficiency in service and unfair trade practice on the part of the OP.
In view of the gross deficiency in service and unfair trade practices of the OP. Complainant has filed the instant consumer complaint seeking payment of matured amount along with compensation and litigation cost.
OP has filed their WV denying the material allegations of the complainant. OP admitted the face of investment of the complainant against Goden VM Certificates. The specific case of the OP is that depsite several request, the complainant did not produce original certificates and KYC document for which they did not process for disubrsement of matured amount. There is no unfair trade practice and deficiency in service on the part of the OP. Accordingly, the OP prays for dismissal of the complaint.
Complainant Baren Kumar Dey has filed his evidence supporting the allegations made in the complaint petition. Complainant has also filed various documents in support of his case. Despite given opportunities, the OP did not file their E/chief.
We have considered the argument of the Ld. Advocate for the complainant and examined the record.
It is not in dispute that the complainant invested Rs. 1,02,023/- with the OP against Golden VM Certificate. OP issued four certificates bearing No. 605001599378 to 605001599381 dated 31.05.2016. The maturity date of those certifiates is 31.07.2019 as it appears from the photocopies of certificates. The maturity value of those certificate is Rs. 1,56,708/-. Despite several request and notice dated 19.10.2020, the OP did not refund the matured amount to the complainant. OP is fully aware that they are liable to refund the matured amount on 31.05.2019. The OP is deliberate to make illegal gains and to deprive the complainant from his lawful right. In fact, the OP withhold the maturity amount which no doubt deceitful manner of trade.
OP has not filed their E/chief denying the allegations made in the complaint petition. Complainant in his affidavit did support the allegations made out in the complaint. OP failed to produce any document that they requested the complainant to produce original certificates and KYC documents for disbusement of matured amount. Therefore, it cannot be said that complainant has failed to prove deficiency in service and unfair trade practice of the OP. The act 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 hard earned money to the OP then he would have invested the same elsewhere. Complainant cannot be wait indefinitely to get the refund of maturity amount of Goden VM Certificates. Complainant has suffered mental agony and harassment. It is settled principal of law that the compensation should be commensurate with loss of suffered and it should be just, fair and reasonable and not arbitrary. In these circumstances, the complainant is entitled to refund Rs. 1,56,708/- only along with compensation and litigation cost.
Based on the discussion above, the Consumer Case is allowed in part on contest against the OP with the following directions :-
- OP is directed to refund maturity amount of Rs. 1,56,708/- (Rupees one lac fifty six thousand seven hundred eight) only to the complainant.
- OP is further directed to pay Rs. 15,000/- (Rupees fifteen thousand) only as compensation to the complainant on account of mental agony and physical harassment.
- OP is also directed to pay Rs. 5,000/- (Rupees five thousand) only towards litigation cost to the complainant.
The above directions be complied by the OP within a period of 90 days from today. For failure or omission in compliance within the stipulated period, the complainant shall be at liberty to put the order in execution as per CP Act.
Copy of the judgment be supplied to the parties free of cost as per CP Act. Upload the judgment on the website of this Commission for perusal of the parties.
