Recovery of money from society
Vithal. Upari
(Querist) 05 December 2017
This query is : Resolved
Dear Experts,
Facts of the case : One of the customer's father keep his Fixed Deposits in Society in 2007, value of total FDS Rs. 8 Lakh and later these FDs get matured in 2008-09 later when father make many followsup for getting back the matured value of all FDs, management goes on postponing the payment for one or other reasons for many days. In between father dies, his son start doing followups with society, but same things repeats by society, and society also get closed, but son as regular follows send notices to chairman and secretary but they are not ready to receive the notices avoiding on the ground as the society is closed. Many letters written to District Registrar of society, but no serious action so far. Son is facing lot of problem, no results even after 10 years passed. Matter brought to Permanent Lok Adalat -it also raised its hand on the ground as such matter will come under its purview. Now customer is under such delima -where to approach ? what to do and how to recover such huge money ? What are the remedies available to him, with speedy action and speedy recovery..Please advise.
Regards
Vithal
Vithal. Upari
(Querist) 05 December 2017
Read it as it will not come under its purview.......
Sudhir Kumar, Advocate
(Expert) 06 December 2017
Does this not seem to be a case of fraud or Brech of trust.
consider criminal case.
P. Venu
(Expert) 06 December 2017
Yes, criminal case appears to be the only option. Repeated follow ups had failed, a case for recovery ought to have been filed. It could be that any civil action, at present, is barred by limitation.
Kumar Doab
(Expert) 06 December 2017
You can benefit from the advice's of Mr. Sudhir Kumar, Mr. P.Venu.
Kumar Doab
(Expert) 06 December 2017
Check if your state has enactment to effectively deal with such matters with such entities…
e.g;
Protection of Interest of Depositors (In Financial Establishments) Act ...
http://bombayhighcourt.nic.in/libweb/acts/2000.16.pdf
Kumar Doab
(Expert) 06 December 2017
Check if per detailed facts RBI can be of some help;
https://rbi.org.in/scripts/NotificationUser.aspx?Id=9812&Mode=0
77 UBDNo.36/12.05.00/93-94 08.12.1993 Committee to enquire into various aspects relating to frauds and malpractices in banks Primary Co-operative Banks
93 ACD.BR.1454/A.1/67-8 08.04.1968 Position of term deposits accepted prior to the commencement of the banking laws (application to co-operative societies) act 1965 by a co-operative society other than a primary credit society or a co-operative bank
List of other Circulars from which instructions relating to maintenance of Deposit accounts have also been consolidated in the Master Circular
Sr. No. Circular No. Date Subject
1 UBD.BSD-1/8/ 12.05.00/2000-01 09-11-2000 Frauds – Preventive Measures
2 UBD.21/12.15.00/ 93-94 21-09-1993 Committee to enquire into various aspects relating to frauds and malpractices in primary (urban) co-operative banks.
Kumar Doab
(Expert) 06 December 2017
One should always take care in money matters.
A little more interest may allure, but it is imp. to protect the principle.
Atleast in future be careful.
GO thru:
http://www.thehindubusinessline.com/money-and-banking/rbi-cautions-public-on-coop-societies-accepting-deposits/article9743736.ece
http://www.financialexpress.com/industry/banking-finance/credit-society-told-to-pay-rs-1-lakh-compensation-to-depositor/31585/
https://www.relakhs.com/bank-deposits-aware-one-interesting-fact/
Vithal. Upari
(Querist) 15 December 2017
Dear All Experts,
I am very much thankful to you all for your views about my issue. You made it clear by expressing your valuable suggestions with supporting articles and definitions.
Regards
Vithal
Kumar Doab
(Expert) 16 December 2017
Dear LCI Querist
You are welcome.................
