STATE BANK OF PATIALA Vs. RAM KISHAN

JUDGEMENT

(1.) THE complainants Mr. Ram Kishan and his wife Smt. Kailasho Devi, residents of Charkhi Dadri, opened various Fixed Deposit Accounts on different dates in the year 1993 onwards. The Branch Manager, State Bank of Patiala, Charkhi Dadri -OP -4 (in the original complaint) took their signatures on various forms and other papers on the pretext of renewal of the FDRs. He did not issue the FDRs but issued the pass book. They were informed that the rules have since been changed, therefore, pass book was given to them. Thereafter, they approached the Bank to renew the pass book time and again but it did not produce the desired result. Then it transpired that their amount was fraudulently misused by some bank officials by way of converting their bank account into stock invest account. Moreover, when the OPs failed to return the money of the complainants, legal notice was sent to them but it did not ring the bell. Therefore, a complaint under section 12 of the Consumer Protection Act 1986 was filed before the District Forum.

(2.) THE District Forum vide its order dated 31.07.2007 allowed the complaint and directed the OPs to pay the maturity value of the FDRs as per details given in Para No. 2 of the complaint alongwith interest @9% per annum from the date of maturity of each FDR till the date of payment. It also awarded costs in the sum of Rs. 2,000/ -.

(3.) WE have heard the counsel for the petitioner. He made the following submissions. He argued that the complainants had approached the Bank and opened various Fixed Deposit Account for the purpose of Stock Investment. It is explained that due to the downfall in the stock market, the investment of the complainants eroded. It also came to light that there was a scam in the Bank and FIR was lodged with the police against Bank 's own officers on 20.06.1996. Banking Ombudsman examined all the material facts and dismissed the complaint made by the complainants vide order dated 21.01.2000. The complainants filed a criminal complaint.