K PRABHAKAR Vs. MAN JOG SECURITY PLANS

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.2,78,600/- with interest thereon from the opposite party.

(2.) The opposite party floated a scheme known as 'man-Jog Special Welfare Plan', inviting deposits from the public. The complainant under the said scheme deposited a total sum of Rs.1,50,000/- under five accounts. The opposite party agreed to pay to the complainant under those five accounts the various sums of money every month and after the period of 10 years double the amount deposited.

(3.) The opposite party paid the monthly amounts under the above deposits for a few months in a sum of Rs.7,600/- but thereafter failed to make payment as per the terms and conditions of those agreements. Thus the complainant filed the complaint seeking payment of a sum of Rs.2,78,600/- with interest thereon from the opposite party.