Consumer Commission Directs Jeweller to Return 2.655 Kg Silver to Investor. Investor Succeeds After Jeweller Fails to Honour Investment Scheme.
In a noteworthy consumer dispute, the District Consumer Disputes Redressal Commission directed a jewellery firm to return over 2.6 kilograms of silver deposited under an investment scheme and also awarded compensation to the investor.
Facts of the Case
The complainant invested 2.655 kilograms of silver under a silver investment bond offered by a jeweller.
The investment agreement provided a lock-in period of three months, after which the deposited silver along with agreed benefits was to be returned.
Grievance of the Investor
The complainant alleged that although some payments were made during the investment period, the jeweller failed to honour the bond after maturity and refused to return the deposited silver.
Repeated requests reportedly yielded no satisfactory response.
Proceedings Before the Commission
Despite service of notice, the jewellery firm failed to appear before the commission.
As a result, the proceedings were conducted ex parte.
Findings of the Commission
The commission found that:
The lock-in period had expired.
The complainant remained entitled to the principal investment.
The jeweller failed to honour its contractual obligations.
The commission held the firm guilty of deficiency in service.
Relief Granted
The commission directed the jeweller to:
Return 2.655 kilograms of silver.
Pay the remaining contractual interest.
Pay interest on delayed payments.
Pay ₹30,000 as compensation for mental harassment and litigation expenses.
Key Legal Takeaway
Businesses offering investment-linked schemes must strictly comply with their contractual commitments. Failure to return invested assets after maturity may invite consumer litigation and compensation awards. More on 99888-17966