A district consumer forum has asked a cooperative society in Andhra Pradesh to refund the entire amount and pay a hefty compensation to one of its customers for not allowing her to withdraw her money, reports Times of India.
P Alivelamma joined the Bhagyanagar Podupu Sangam cooperative society by depositing a cumulative amount of Rs 2, 96,086. The society is liable to pay interest at 12% per annum and thus calculated pay her not less than Rs 4.2 lakh.
The consumer forum said “It is the bounden duty of the opposite parties to refund the amount to its members who have deposited the amount in good faith. The opposite parties cannot take shelter under the fact that their previous managing committee defrauded the society.”