Order-16.
Date-23/07/2015.
This is an application u/s.12 of the C.P. Act, 1986.
Complainant by filing this complaint has alleged that being assured with various impressive benefits by the representative of the OP the complainant was interested to invest his hard earned money in two non-cumulative fixed deposit scheme by way of making application against payment of Rs.1,05,000/- and Rs.1,30,000/- and the OP issued the two policy bond in respect of said payment and first FD bearing no.1DMD9065 for three years and date of application was 31-08-2013 whereas date of repayment was 31-08-2016 and at the time of the maturity the complainant was redeemed the principal amount i.e. Rs.1,05,000/- and the interest 12.5 percent was to be made by A/c Payee cheque on quarterly basis.
After few months of first FD OP company issued 12 A/c. payee post dated cheques of Rs.3,281/- each in favour of the complainant for the quarterly basis and those cheques were drawn on SBI Moulali Branch, Kolkata – 14 but out of that complainant encashed 3 cheques on the relevant dates but complainant faces problem when a cheque bearing no.571702 dated 30-06-2014 was dishonoured and another two cheques bearing no.571703 dated 30-09-2014 and 271704 dated 30-12-2014 were also dishonoured due to insufficient fund. Another FD was also made by the complainant for the terms of one year vide no.CDMD240 and date of application and redemption was 21-03-2014 and 21-03-2015 accordingly and as per its terms interest was guaranteed at the rate12 percent and principle i.e. Rs.1,30,000/- which shall be redeemed to the complainant at the time of the maturity.
Complainant intimated to the branch office of OPs that the cheques was dishonoured and the complainant also visited various times to the branch office of OPs for refund of his hard earned money but all the times the branch office refused by telling the complainant about insufficient fund and the complainant also intimated the matter to the OPs 1 and 2 and visited the branch office of the OP several times to get refund of the said deposited amount under said policy but each and every time the OP assured the complainant but fail to repay the same. Subsequently, complainant was disgusted and also lost faith for which complainant sent a letter on 22-09-2014 claiming the refund but no step was taken by them in respect of disbursement of the said amount and also did not sent any reply or redress the grievance of the complainant. In the above circumstances, being aggrieved and dissatisfied with the act and conduct of the OP and also for negligent and deficient manner of service on the part of OP and further for their unfair trade practice complainant has filed this complaint for redressal and for relief.
On the other hand, OPs by filing written statement submitted that the entire allegation of the complainant is false and fabricated and further submitted that present company is a reputed company and this company render services to the subscribers at large all over India and also in West Bengal vey honestly, sincerely and carefully and also maintained a goodwill and prestige. But the present OPs are always ready and willing to perform his part of duties and to refund the amount or gold in favour of the complainant but complainant has filed this case for wrongful gain by suppressing the material fact and there is no relationship in between the complainant and OP as service provider and consumer and further the present petition is barred by limitation and also vexatious one and for which the complaint should be dismissed.
Decision with Reasons
On proper consideration of the complaint and written version and also hearing the Ld. Lawyers of both the parties it is clear that OP has admitted the fact that complainant deposited Rs.1,30,000/- and Rs.1,05,000/- against non-cumulative fixed No.CDMD240 (Rs.1,30,000/-) and 1DMD9065 (Rs.1,05,000/-) on 21-03-2014 and 31-08-2013 and date of redemption is on 21-03-2015 and 31-08-2016 it is also fact that OP issued several cheques for payment of interest but out of that three cheques were encashed and rest were dishonoured by the bank on the ground of insufficient fund and about that there is no denial on the part of the OP. on the contrary OP admitted that they are willing to perform their part of duties and to refund the amount or gold in favour of the complainant.
At the time of final argument as advanced by the OP’s their Ld. Lawyer submitted that they shall have to refund the amount with interest but compensation matter should be considered and for which they have not filed any evidence in chief or any other written matter except written version.
Taking into account of the entire materials on record and admission of the OP in the written version we are convinced that complainant has searched out the very good case against the OP and it is needless to say that even a poor beggar knows the name of company VIBGYOR for their notorious act to deceive the public at large and their company Directors are now in jail custody and if we consider that fact then it is clear the claim of the OP to the effect that they are reputed firm is completely false plea. On the contrary it is proved that the present OP company by deceiving the public at large collected huge money and also misappropriated the same and out of the deceived person complainant is one of them and truth is that complainant is loitering at different office of OPs but they did not respond or did not redress his grievance. This act simply proves that they had their no intention to pay the amount what complainant invested for interest and from the very beginning the OPs adopted unfair trade practice by issuing cheques against interest knowing fully well that those cheques would not be honoured in view of the fact they have already misappropriated the money of the public and the bank account is nothing but a mere account having no fund. So, intention was there anyhow to avoid payment on the part of the OP to deceive the complainant from the very beginning for which they issued post dated cheques knowing fully well that complainant shall be harassed against deposit of cheques one after another. No doubt OP’s Ld. Lawyer at the time of final argument tried to convince that they shall have to deposit the entire amount including interest but such sort of argument is not sufficient to deny the criminal activities of the OPs and the overact of the OPs, in fact, complainant was harassed much not only that even after depositing such an amount that is about Rs.2,35,000/- he did not get the interest and if it would be fixed in a bank in that case complainant shall be able to enjoy the interest monthly without any harassment.
In the light of the above observation and findings we are inclined to hold that OPs with positive intention to deceive the public at large including the complainant received such a huge amount by alluring the customers like complainant and being convinced the customers like complainant deposited the amount and invariably due to such sort of overact that is no doubt an act of unfair trade practice on the part of the OP complainant has suffered much financially, mentally and not only that he has been harassed by the OP in all respect which is proved beyond any manner of doubt and now at the time of argument they have agreed to pay the interest but they may be excused from paying any compensation but in the eye of law such sort of company should be dealt with strong hand otherwise in future on their Directors’ release from jail they shall have to adopt another procedure to deceive the customer like complainant in so many manner.
In the result, the case succeeds.
Hence,
Ordered
That the case be and the same is allowed with a cost of Rs.5,000/- against the OPs.
OPs are hereby directed to refund the entire amount that is total Rs.2,35,000/- along with interest at the rate12 percent p.a. as per fixed deposit rate as noted in the personal fixed deposit and that interest shall be counted from the date of deposit of the respective amount and till its full payment by the OPs to the complainant and also with litigation cost.
OPs jointly and severally to comply the order very strictly within one month from the date of this order failing which OPs shall have to pay penal damages at the rateRs.100/- till full satisfaction of the decree and if it is collected it shall be deposited to this Forum.
Even if it is found that OPs are reluctant to comply the order in that case OP shall be prosecuted u/s.25/27 of the C.P. Act for which further penalty and fine shall be imposed.
