Hyderabad consumer panel orders refund of ₹20 lakh to depositor, cites unfair trade practice
HYDERABAD: The District Consumer Disputes Redressal Commission–I, Hyderabad, has directed a cooperative credit society to refund ₹20,00,000 to a retired bank employee after finding deficiency in service and unfair trade practice in non-payment of fixed deposits.
The complaint was filed by S. Beatrice Kumari, 65, of Rajahmundry, against Sneha Mutually Aided Co-Operative Thrift & Credit Society Ltd. She stated that she invested in several fixed deposits with the society from 2018 onwards after being assured 12% annual interest payable monthly. The deposits were made for three-year and five-year periods, with nominees including her husband and brother.
Deposits continued after maturity on assurance
Although the fixed deposits matured in 2020 and 2021, the complainant continued them as the society paid monthly interest and requested continuation. In May 2023, she sought refund of the principal with accrued interest. On May 3, 2023, the society collected original FDRs and endorsed that the amount would be repaid by May 10, 2023, but failed to do so. Interest payments continued only till February 2024.
The complainant also approached Musheerabad police alleging cheating. The Deputy Commissioner of Police, Detective Department, later informed her on November 23, 2024, that the matter was civil in nature and closed the petition.
Commission finds deficiency in service
The commission noted that the opposite party failed to file a written version and did not rebut documentary evidence, including endorsements on the FDRs promising repayment. It held that failure to refund deposits and interest despite repeated requests amounted to deficiency in service and unfair trade practice.
Allowing the complaint in part, the commission directed the society to refund ₹20,00,000 towards 20 FDRs with interest at 12% per annum from March 1, 2024, until realisation. It also ordered payment of ₹50,000 as compensation for mental agony and ₹10,000 as costs.
