M GANGARUDRAIAH Vs. MANJOG ASSOCIATES

JUDGEMENT

(1.) In this complaint under Sec.17 read with Sec.12 of the Consumer Protection Act, 1986 , the complainant has sought compensation in a sum of Rs.1,70,850/- with interest thereon from the opposite party.

(2.) It is the case of the complainant that he invested a sum of Rs.70,000/- with the opposite party. The opposite party agreed to pay on the said sum 24% interest per annum. The opposite party paid some interest over the said amount for the period between 1984-87 and subsequently it issued fresh certificates making the principle amount at Rs.90,852/- and promised to repay the same with the same rate of interest. But failed to pay any interest or refunded the said principle amount of the complainant.

(3.) Nextly it is the case of the complainant that on 6.2.1991 the opposite party collected the original certificates of the year 1989 and fraudulently took signature on an agreement dated 6.2.1991 misrepresenting to the complainant. The opposite party thereafter did neither make payment towards principle nor interest to the complainant even though the complainant demanded to make payment of the same. So the complainant filed the complaint seeking payment of a sum of Rs.1,90,850/- with interest thereon.