Order No.  19  dt.  09/02/2017

       The case of the complainant in brief is that the complainant was the holder of 4376 nos. of ARS Bonds of face value of Rs.100/- each amounting to a total of Rs.4,37,600/-. The o.p. issued the abovementioned bond to the complainant. The complainant furnished the bank account of number of the Central Bank of India, Chetla Branch being saving bank account no.2756 in the records of o.p. The o.p. directly credited the said savings bank account of the complainant through ECS held with the Central Bank of India. With the interest proceeding arising out of the ARS Bond and send the complainant an advice note.

            The o.p. failed and neglected to proceed of redemption arising out the said 436 nos. of ARS Bond with o.p. on maturity. The complainant repeatedly checked his account, but did not find that the redemption entered into his account. The complainant thereafter contacted the o.p. and he was asked to apply for redemption further and accordingly he submitted the said application. In spite of the submissions of the application the amount did not enter in the account of the complainant. On 16.1.13 o.p. informed the complainant that the redemption amount of the ARS Bond has been credited to the savings bank account no.0859010153966 United Bank of India, Parnasree Pally Branch, Kolkata-60. The complainant does not maintain any account in the said branch and he became surprised to see how the amount was entered into the said account. The o.p. informed the complainant that those bonds were redeemed on 4.1.12. In spite of having the knowledge the complainant was asked to submit a form asking for issuance of duplicate redemption cheque about more than 14 months after the said cheque has been sent and encashed by 3^rd party stranger. The o.p. did not pay the amount arising out of the redemption process of 4376 ARS Bonds the complainant had to file this case praying for direction upon the o.ps. to pay Rs.4,36,600/- being the redemption proceedings and interest @ 12% p.a. and compensation of rs.4 lakhs and litigation cost of Rs.30,000/-.

            The o.p. nos.1 to 5 contested this case by filing w/v and denied all the material allegations of the complaint. It was stated that the imposter Anandarup Banerjee resident of P-235/A, Upen Banerjee Road, Kolkata-60 had applied for maturity payment in a fraudulent way in collusion with Unite Bank of India and the maturity cheque was encashed and as such o.ps. prayed for dismissal of the case for misjoinder of necessary parties. It was stated that the redemption form was received by o.ps. duly attested by a Bank Manager. Believing it to be bona fide on the strength of attestation of the said bank the maturity cheque was issued in favour of Anandarup Banerjee and dispatched at the referred address in good faith. On receipt of the request for cheque correction at their Kolkata office the name of United Bank of India, Parnasree Pally Branch, Kolkata was incorporated. Accordingly the aforesaid cheque was cancelled for correction and fresh maturity cheque was issued with new bank details. The o.p. no.4 has sent one letter to Unite Bank of India and requested to inform whether the bank has followed the KYC norms while opening of account and releasing the payment to the fraudster. The o.p. no.2 lodged an FIR against Anandarup Banerjee and a criminal case was started against him. In view of such fact o.p. nos.1 to 5 prayed for dismissal of the case.

            The o.p. no.6 contested this case by filing w/v and denied all the material allegations of the complaint. It was stated that the case is not maintainable and the case is bad for misjoinder of necessary parties and o.p. no.6 cannot be held liable for the said transaction.

            The o.p. no.7 contested this case by filing w/v and denied all the material allegations of the complaint. It was stated that the savings bank account no.0859010153966 was opened by one Anandarup Banerjee on 28.12.11 with United Bank of India, Parnasree Pally Branch, Kolkata disclosing his residential address at P-235/A, Upen Banerjee Road, Parnasree, Kolkata and his identification was duly certified by the councilor and after getting the complete application the account was opened. The o.p. no.7 lodged an FIR and a criminal case was started against Anandarup Banerjee holder of savings bank account no.0859010153966 and u/s 467/468/471/420/120B of IPC and the original documents are in the custody of investigating officer of the said case. In view of the said fact o.p. no.7 prayed for dismissal of the case.

            On the basis of the pleadings of parties the following points are to be decided:

1. Whether the complainant was holder of 4376 nos. of ARS Bonds.
2. Whether those bonds were redeemed and the redemption value was Rs.4,37,600/-.
3. Whether the said amount was credited in the account of the complainant.
4. Whether there was any deficiency in service on the part of o.ps.
5. Whether the complainant will be entitled to get the relief as prayed for.

Decision with reasons:

            All the points are taken up together for the sake of brevity and avoidance of repetition of facts.

            Ld. lawyer for the complainant invested in ARS Bond of face value of Rs.100/- each amounting to a total investment of Rs.4,37,600/-. The complainant provided his savings bank account number of Central Bank of India, Chetla Branch. The interest was credited in the said account through ECS system. After the maturity of ARS Bonds the complainant applied for redemption on 30.3.12 which was received by o.p. no.1. The complainant after compliance of all the formalities checked his account and found that no amount was credited in his account and thereafter he contacted o.p. no.1 and he was informed that he can apply for a fresh application with the specific instruction for transferring the amount through ECS system. In spite of submissions of the said application the complainant did not get any response from the bank regarding entering of the amount in his account. Ultimately the complainant on 11.1.13 had been at the office of o.p. no.1 and made enquiry. Subsequently on 16.1.13 the complainant was informed that the bond has been credited to savings bank account no.0859010153966 United Bank of India, Parnasree Pally Branch, Kolkata. The complainant had never any account in the said bank and contacted the o.p. no.1 and he was informed that the bonds were redeemed on 4.1.12 and more than 14 months the complainant was kept in dark regarding the fate of the redemption of those bonds.

            Ld. lawyer for the complainant emphasized that in the application for redemption of bonds the complainant specifically mentioned the name of the bank whereby the complainant used to maintain his savings bank account with account number as well as branch code number etc. but unfortunately the redemption amount of the cheque was not credited in his account and the amount was not transferred. As such the complainant suffered financial loss and accordingly ld. lawyer for the complainant prayed for direction upon the o.ps. for payment of the amount of rs.4,37,600/- plus 12% interest and also compensation and litigation cost.

            Ld. lawyer for the o.p. nos.1 to 5 argued that the account was opened in United Bank of India, Parnasree Pally Branch, Kolkata by way of imposter Anandarup Banerjee resides of P-235/A, Upen Banerjee Road, Kolkata-60 who had applied for maturity amount in a fraudulent way in collusion with UBI. Since the fraud was practiced and for elaborate evidence is required which is not possible for this Forum to dispose of the case as per the provision of C.P. Act, 1986. On the basis of the complaint lodged by o.p. nos.1 to 5 a case was started u/s 467/468/471/420/120B of IPC and since the criminal case has been started therefore this Forum should not pass any order directing upon the o.ps. for payment of the said amount or any compensation.

            Ld. lawyer for o.p. no.7 argued that on the basis of the account opened by one Anandarup Banerjee which was duly attested by local councilor regarding his identification, the account was opened and subsequently the amount was credited to his account. Since the cheque was standing in the name of the said account holder, therefore the amount was credited to his account. Since the criminal case is pending and the complainant ought to have made the said imposter as a party to this case and o.p. no.7 cannot be held liable for any misdeed committed by said Anandarup Banerjee. Accordingly, o.p. no.7 prayed for dismissal of the case.

            Considering the submissions of the respective parties it is an admitted fact that the complainant invested an amount of Rs.4,37,600/- under ARS Bonds scheme and he prayed for interest to be credited in his account. For that purpose the complainant provided the account number of Central Bank of India where the complainant had the savings bank account at the relevant point of time and o.p. nos.1 to 5 used to send the interest through ECS system in his account. After the maturity of the bond the complainant applied for redemption of the amount and applied for the same. In the application form he mentioned the amount to be credited in his account for which he provided the savings bank account number of Central Bank of India. Apart from the said fact o.p. nos.1 to 5 were aware that the number of the account of the complainant and the name of the bank whereby the redemption amount is to be sent. But it is curious enough that the said redemption amount was not credited in the account of the complainant. But it is found from the materials on record that one imposter opened an account in United Bank of India, Parnasree Pally Branch, Kolkata and the redemption amount of the bond was entered into the said account. The complainant on numerous occasions visited the office of o.p. nos.1 to 5 and expressed his anxiety as to why the amount was not credited to his account. But he was advised that he should make duplicate application for redemption of bond and he acted as per the advice of o.p. nos.1 to 5. The fact of crediting the amount was intimated to the complainant that the said amount was entered in the account of one Anandarup Banerjee of United Bank of India, Parnasree Pally Branch, Kolkata. We are astonished to find as to how the said amount was credited in the account holder of United Bank of India, Parnasree Pally Branch. There was serious lapse or we should say that there was collusion between the o.p. nos.1 to 5 in dispatching the cheque in the name of said imposter Anandarup Banerjee with different address from the recorded address of the original holder of the bonds Anandarup Banerjee. Thereby we hold that there was deficiency in service on the part of o.p. nos.1 to 5 and the complainant will be entitled to get the amount from o.p. nos.1 to 5 with compensation and other reliefs.     Thus all the points are disposed of accordingly.

            Hence, ordered,

            That the CC No.670/2013 is allowed on contest with cost against the o.p. nos.1 to 5 and dismissed without cost against other o.ps. The o.p. nos.1 to 5 are jointly and/or severally directed to pay to the complainant a sum of Rs.4,37,600/- (Rupees four lakhs thirty seven thousand six hundred) only along with compensation of Rs.1,00,000/- (Rupees one lakh) only for harassment and mental agony and litigation cost of Rs.20,000/- (Rupees twenty thousand) only within 30 days from the date of communication of this order, i.d. an interest @ 10% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.          

            Supply certified copy of this order to the parties free of cost.