Indore (Madhya Pradesh): The consumer court directed a money exchange company to pay 10,000 as compensation and 5,000 as litigation cost and also refund Rs 5 lakh which the complainant had lost in transaction while paying college fees through the company.
The company has been asked to pay 12 per cent interest on the Rs 5 lakh from the time the money was deposited by the complainant.
The company has been asked to pay all these amounts within a month or pay 18 per cent interest for any further delay.
The compensation was awarded as the money exchange company has not taken any action on refunding the money to the bank account of the complainant.
According to information Harshvardhan Pande, son of Rajesh Pande, said he had deposited Rs 5 lakh for college fees through the money exchange company on November 23, 2020. The money got deducted from his bank account and was received by the company which was confirmed through a mail.
Later, the complainant was informed via mail that the transfer could not be completed and the amount will be refunded to his bank account within 2 to 7 days. So the complainant deposited Rs 597,500 for the fee on November 27, 2020 which was successful.
However the previous amount was not refunded even after numerous communications with the money exchange company through telephonic conversations and email. The complainant checked his bank but the refund was not reflected in his account. Then the complainant obtained a certificate of non reversal entry of the said amount which was sent to the exchange company.
Instead of making the payment, the online support team of the company insisted that they returned the amount. Furthermore, the complainant pleaded that there were possibilities of the said amount being transferred to another bank account by some kind of mistake of the company and now it was their duty to correct the mistake and refund the amount.
Subsequently, the complainant sent a legal notice through his lawyer to the money exchange company via post to return the sum of Rs 5 lakh, but the company did not take any action to resolve the matter.
The complainant then filed the complaint with the consumer court.
