The Ernakulam District Consumer Disputes Redressal Commission has ordered an investment company that raised investments at an exorbitant interest rate of 12.50% for five years to pay Rs 468,000 to investors.
The committee comprising Chairman DB Binu, members Mr. V. Ramachandran and Mr. Sreevidya TN, was led by Mr. Vignesh M., originally a resident of Tamil Nadu and currently settled in Panampilly Nagar here. has delivered a verdict on the petition filed against Ramesh Viswanathan, Chairman and Managing Director of Kakkanad. Upayog Nidhi Limited based in .
According to the complainant, the opposite party collected Rs 160,000 as fixed deposit and another Rs 300,000 as fixed deposit. However, the company was later reportedly shut down without returning any investment. However, the Commission observed that although the petitioner claimed to have invested Rs 460,000, he was able to submit documents relating to investments worth only Rs 318,000.
In view of this, the opposite party was asked to return Rs 3.18 million along with guaranteed interest. In addition, the other party was asked to pay compensation of Rs 100,000 and an additional Rs 50,000 as legal costs.
Published – October 27, 2024 2:03 AM IST
