Order No.  12  dt.  27/04/2018

          The case of the complainant in brief is that the complainant used to receive call from the representative of o.p. over phone and ultimately representative of o.p. met the complainant and convinced that if the complainant avails the onetime investment policy he will be provided with an interest @ 9.75% per annum for a period of 15 years. On the basis of the said assurance the complainant invested a sum of Rs.20,000/- with o.p. The complainant subsequently received a policy document on 3.1.15. On receiving the policy document the complainant became astonished and since in the policy document it was mentioned that the amount was received towards the annual premium of the said amount and there was no mention in the policy document that it was onetime deposit policy. On the basis of the said fact the complainant sent a lawyer’s notice praying for refund of the deposited amount from o.p. but o.p. did not pay any heed for which the complainant filed this case praying for direction upon the o.p. for refund of the deposited amount as well as compensation and litigation cost.

                The o.p. did not contest this case by filing w/v and as such, the case is proceeded ex parte against the o.p.

                The complainant in order to prove the case filed an affidavit of evidence whereby he stated that he was assured by representative of o.p. that he will be provided with annual interest @ 9.75% per annum and he will be entitled to get the said quantum of interest for next 15 years. But after receiving the policy the complainant became astonished to find that the amount paid by the complainant was not onetime deposited scheme, but it was annual premium regarding the said policy. On the basis of the said fact the complainant made several correspondences with o.p. but no fruitful result was achieved, for which the complainant filed this case.

                The complainant in order to substantiate his case filed some documents including the policy document to show that he paid the amount to o.p. On the basis of the said fact since the evidence of the complainant has remained unchallenged, therefore we have no other alternative but to accept the claim of the complainant. In view of the facts and circumstances as stated above, we hold that there was unfair trade practice on the part of o.p. and the complainant will be entitled to get the relief as prayed for.   Thus the case is disposed of accordingly.

                Hence, ordered,

                That the CC No.251/2016 is allowed ex parte with cost against the o.p. The o.p. is directed to refund the amount of Rs.20,000/- (Rupees twenty thousand) only to the complainant along with compensation of Rs.3000/- (Rupees three thousand) only for harassment and mental agony and litigation cost of Rs.1000/- (Rupees one thousand) only within 30 days from the date of communication of this order, i.d. an interest @ 8% p.a. shall accrue over the entire sum due to the credit of the complainant till full realization.