The Ernakulam district consumer disputes redressal court has ordered Kakkanad-based Upayog Nidhi Limited company’s chairman Ramesh Vishwanathan to pay Rs 4.68 lakh to an investor.
The order was issued in response to a complaint filed by Vignesh, a resident of Tamil Nadu. The complainant approached the court after the company, which accepted Rs 1.60 lakh as a recurring deposit and Rs 3 lakh as a fixed deposit, shut down without returning the investment amount. He alleged that the company received the money after offering him an interest rate of 12.5% for five years.
Although the complainant deposited Rs 4.60 lakh, he only submitted documents to the court for an investment of Rs 3.18 lakh. Given the evidence presented, the bench ordered the opposing party to return the Rs 3.18 lakh with promised interest, and an additional Rs 1 lakh as compensation and Rs 50,000 as court expenses, within 45 days to the complainant.
