Order-14.
Date-23/07/2015.
Complainant Pradyot Kumar Haldar by filing this complaint submitted that complainant being convinced by op no.2 joined in six Swarna Sanchay scheme launched by op no.1 and deposited the amounts in respect of said scheme and complainant stated that original copies of all the certificates were surrendered to the ops 4/5 days before of the maturity date except two certificates for the period of 12 months.
In terms of the certificates ops promised the complainant to deliver gold jewellery on the date of maturity but ops failed to deliver it on maturity of the certificates and on enquiry op assured the complainant to refund jewellery value along with 2 percent interest to the complainant.Thereafter op no.1 issued 2 cheques bearing No. 381532 of Rs. 66,200/- dated 25.07.2014 in respect of IJNR 244924 and IJNR 254155 drawn in State Bank of India Moulali Branch and complainant deposited the said cheques for encashment but the same were dishonoured due to Fund Insufficient.
Further op no.2 issued a letter dated 19.05.2014 stating that they would pay at the rate 12 percent p.a. for the due amount and accordingly op nos. 1 & 2 issued 5 cheques to the complainant but same were dishonoured till date.So, complainant lodged FIR to Entally Police Station on 25.08.2014.
Further op issued 6 nos. Receipt cum Allotment papers and complainant surrendered all 6 allotments papers at the Joynagar Branch and they issued 6 maturity slips and complainant deposited two maturity slips being nos. 381532 and 381533 and 4 maturity slips are lying with complainant.Complainant vide a letter dated 26.08.2014 intimated to the op no.1 the entire demanded amount and requested to refund the maturity value along with compensation.But ops had neither taken care to redress the grievances nor given any reply to that effect.In such circumstances, complainant suffered monetary loss, mental peace and agony and for negligent and deficient manner of service and due to unfair trade practice complainant lodged a complaint to the Office of Director of the CA&FBP but the mediation failed and CA&FBP vide a letter dated 08.09.2014 advised the complainant to lodge a complaint to this Forum and complainant filed a complaint before this Forum for redessal and for refund of money.
On the other hand op by filing written objection submitted that with an ulterior motive for wrongful gain and to harass the ops, complainant filed this case and it is firmly denied and disputed by the present contesting op that op no.1 runs a Real Estate & Gold & Diamond Jewellery Marketing House and op no.3 is the agent of op no.1.
It is specifically mentioned by the op that the present contesting op was/are always ready and willing to perform their part of duties in favour of the complainant and previously ops also performed their part of duties in respect of the said transaction.But complainant with an ulterior motive intentionally and deliberately filed this case for illegal benefit from the op.
Further it is submitted that the op was/are all along very much diligent to provide the services to its high extend of satisfaction to their large number of customers and there was no laches or negligence on the part of the op and there is no deficiency and so prayed for dismissal of this case.
Decision with reasons
On comprehensive study of the complaint and written version and particularly hearing the arguments of the Ld. Lawyer of the op, it is found that that ops are willing to refund the entire amount with some interest because the many account of the ops concern has been seized and sealed by the Enforcement Directorate (ED) Department for which ops are in financial crunch but they shall have to repay the same by installment.From the receipt-cum-allotment, it is clear that complainant deposited that amount and submitted those papers for refund and this fact has not been denied by the ops and all documents were received by the Vibgyor Gold Ltd.It is also fact that complainant deposited receipt-cum-allotment for Rs. 65,000/-, Rs. 78,000/- etc. and those certificates were surrendered prior to maturity date.It is also undisputed.But op did not deliver gold jewelry on the date of maturity which is proved.But on repeated demands ops issued cheque No. 381532 for Rs. 66,200/- dated 25.07.2014 and cheque No. 381533 for Rs. 79,440/- dated 25.07.2014 in respect of IJNR 244924 and IJNR 254155 drawn in SBI, Moulali Branch, but same were not encashed as same were dishonoured due to insufficient fund.
It is also fact that op also issued a cheque later asking the complainant/customer to extend the policy tenure by 6 months and also agreed to pay compensation at the rate 12 percent interest over the said amount per annum and complainant shall not have to suffer any financial loss and that was issued by Vibgyor Allied Infrastructure Ltd. with Sr. VP marking’s signature.So, it is clear that complainant submitted all those papers of gold which was not delivered and against that two cheques were issued but same were not also encashed due to insufficient fund.Thereafter on their behalf letter was sent to the complainant stating that they shall have to return the money, but it was continued for another 6 months and 12 percent interest p.a. shall be paid by them.But that commitment was also not complied with by the op which is proved and in fact at the time of argument Ld. Lawyer for the ops submitted that practically it was not possible due to financial crunch of the company, but company shall have to pay the sum with interest.
Then it is clear the op has admitted everything about the allegation of the complainant.Truth is that money has not been yet returned along with interest and only to give a hoax, said two cheques were given and that was dishonoured and knowing fully well op issued both cheques and by that way complainant has been harassed and op purposefully did such act and such sort of act is no doubt unfair trade practice on the part of the op which is proved beyond any manner of doubt and at the same time the service provider is also a financial institution and they have deceived the customers at large including the present complainant which is again proved.
Fact remains that series of cases had been filed against Vibgyor Gold Ltd. by different customers being harassed before this Forum.Many cases have been disposed of and some are in progress and in almost all the cases ops’ defence is that due to financial crunch they have failed to fulfil the purpose of the complainants and such sort of plea on the part of the ops simply proves that they have already deceived the public at large for which the Directors and some staff had been arrested by ED and they are in jail and their product is illegal in nature and SEBI also directed to pay the customers’ deposited amount with interest but they did not comply.For that purpose specifically ED started case against the op and some of them were arrested and now the position is that lacks of consumers are loitering on the street.But they are not in a position to file a complaint for their financial crunch.But those who have some financial capacity, filed the cases and so many cases are filed and the very factor is also considered by this Forum only to come to a conclusion what is the status of the present op.
It is proved that op collected crores of rupees from the market by alluring the middle class consumers and they assured that they shall have to give highest benefit and ultimately it is found that it is fake institution who collected money from the market and they misappropriated it and have thrown the customers on the street.But even then they have taken a defence that complaint is false which simply proves that ops adopted unfair practice for which SEBI directed ops to stop such business.
On the contrary we have gathered that defence is false, fabricated and their entire business as a financial organization or institution is nothing but a unfair trade practice and fact remains that in the present case complainant has been deceived by the op and no doubt ops’ conduct is negligent and deficient in manner and for which complainant is entitled to get a decree as prayed for and in fact complainant is entitled to get back Rs. 2,09,000/- principal amount and also 12 percent interest p.a. over the same w.e.f. 18.02.2014 and till its full payment and further for filing this complaint, the complainant has spent huge money for which complainant is also entitled to litigation cost against the op.
Accordingly the complaint succeeds.
Hence, it is
ORDERED
That the complaint be and the same is allowed with cost of Rs. 5,000/- against the ops.
Op nos. 1 & 2 are hereby directed to refund a sum of Rs. 2,09,000/- and also interest at the rate 12 percent p.a. over the same w.e.f. 18.02.2014 and till its full payment by the op nos. 1 & 2.
Op nos. 1 & 2 jointly and severally are directed to comply the order and to handover the said amount before this Forum in cash or by Bank Draft along with interest and litigation cost within one month from the date of this order, failing which for non compliance of the Forum’s order by op nos. 1 & 2 , op nos. 1 & 2 shall have to pay penal damages at the rate Rs. 300/- per day till full satisfaction of the decree and if it is collected, it shall be deposited to this Forum.
Ops are directed to comply the order very strictly, failing which for non compliance of the Forum’s order within the stipulated period, they shall be prosecuted u/s 25/27 of C.P. Act 1986 for which further penalty and fine may be imposed.
