K.VIJAY KUMAR Vs. TELEGRAPH TRAFFIC EMPLOYEES CO-OPERATIVE CREDIT SOCIETY, REP. BY THE PERSON-IN-CHARGE COMMITTEE

JUDGEMENT

(1.) This is a complaint filed u/s 17(a)(1. of the Consumer Protection Act claiming an amount of Rs. 55,35,000/- together with interest and costs.

(2.) The case of the complainants in brief is that they have deposited Rs. 55,35,000/- by way of FDRS with the opposite party co-operative society. They have been receiving the interest periodically, however, they were not paying the amount even after maturity of the deposits on one pretext or the other. They stopped payment of interest since August, 2008. On enquiry it was revealed that the Secretary has misappropriated the funds. The opposite party has appointed Person-in-charge, who has been looking after the affairs of the society. Therefore they claimed the aforesaid amount together with interest and costs.

(3.) Despite the fact that notice was served on the opposite party by way of registered post evidenced under postal acknowledgement it did not choose to contest the matter, and therefore it was set-exparte.