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[Resolved]  Dhanlaxmi Co-Op Credit Society Ltd — REFUSING IN MAKING PAYMENT OF MATURED FIXED DEPOSIT

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Sir,
I, Mr. Dilip Chothmal Jain, having place of business at 107/B, Ankur Apartment, Liberty Garden, Road No. 3, Malad (W), Mumbai - 400 064., I would like to address all of you as under :-
Amount Dated Tenure Inter. Maturity FD Receipt Branch
Rate Date No. Receipt No.
2,00,000 19th Jan,2008 1 Year 13% 19th Jan,[protected]
2,00,000 26th Feb, 2008 1 Year 13% 26th Feb,[protected]
The said Fixed Deposit Certificates are hereby marked and annexed as Exhibit “A-1 & A-2” collectively to the Complaint.
(2) The 1st fixed deposit has duly matured as on 19th January, 2009 & the 2nd fixed deposit has duly matured as on 26th February, 2009. Even after that I was not paid the total amount of the both the matured fixed deposit. The branch manager, Mr. Rais Khan who was in-charge of the branch at that time gave me a surprising excuse that the Society is having financial crisis and is not in position to make the full payment of the matured fixed deposit to all the fixed deposit holders and asked for more time to arrange for the funds. Considering the past relationships with Society Chairman, Mr. Radheshyam Gupta gave further time till March, 2009.
(3) In the month of April, 2009, I gave a written request vide a letter dated 8th April, 2009 and duly acknowledged by Mr. Dinesh Verma who was in-charge of the branch at that time to clear the total outstanding amount of the matured fixed deposit. After several requests, phone calls to the branch officials and to the Chairman Mr. Radheshyam Gupta, as on 9th April, 2009, a sum of Rs. 9,545/- & 8,975 by way of 2 cheques was paid to me towards the interest amount of 4 months till 31st March, 2009 and Mr. Radheshyam Gupta surprisingly gave me an excuse that Society is not having sufficient funds to clear the total outstanding amount of the fixed deposit of all the fixed deposit holders. The Account Confirmation letters are hereby marked and annexed as Exhibit “B-1 & B-2” collectively to the Complaint. The Request Letter are hereby marked and annexed as Exhibit “C-1 & C-2” collectively to the Complaint.
(4) As on 1st May, 2009 & 1st June, 2009 a total sum of Rs. 8668/- was paid to me towards the interest amount of the said matured fixed deposit for 2 months and in the month of June, 2009, on the assurance of Mr. Milind Rane who was Branch In-charge at that time, I surrendered the original fixed deposit receipt surrendered the original fixed deposit receipt of both the fixed deposits to the accountant Mr. Dinesh Verma and towards their admitted liability and as per mutual oral agreement between me and the chairman, total payment was agreed to be paid by way of 4 cheques details of which are as follows, were issued to me in full and final settlement. :
Cheque No. Date Amount Bank
702583 1st August, 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
702584 1st Septem., 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
702585 1st October, 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
702586 1st Novem, 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
In the month of July, 2009 a sum of Rs. 4334/- was paid to me towards the interest for the month of June, 2009.
(5) On positive assurance of the Society Chairman, Mr. Radheshyam Gupta, I presented only the 1st cheque out of the 4 cheques bearing No. “702583” with my bankers i.e. Dena Bank, Malad (W) Branch for realization of the amount contained
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therein from Society’s account as on 24th August, 2009 and the aforesaid cheque was surprisingly returned dishonored by its bankers for the reasons “Funds Insufficient” vide its and my banker’s Memo of Dishonor dated 25th August, 2009 & 26th August, 2009 respectively, which was collected by me as on 27th August, 2009 from Dena Bank Branch. The said dishonoured cheque & other cheques are hereby marked and annexed as Exhibit “D” collectively to the Complaint. The Memos of Dishonour of both the banks are hereby marked and annexed as Exhibit “E” & Exhibit “F-1,F-2 & F-3”collectively to the Complaint.
(6) After that, I contacted Mr. Milind Rane, who apologized me for the dishonour of the cheque and immediately paid me a sum of Rs. 250/- towards the cheque dishonour charges and Rs. 4334/- towards the interest for the month of July, 2009 for both the fixed deposits and asked for more time as society was still suffering from financial crisis. I generously gave them more time till October, 2009.
(7) On the positive assurance of Mr. Milind Rane, I represented the aforesaid cheque with my bankers i.e. Dena Bank, Malad (W) Branch for realization of the amount contained therein from Society’s account as on 3rd October, 2009 and the aforesaid cheque was surprisingly again returned dishonored by Society’s bankers for the reasons “Funds Insufficient” vide its and my banker’s Memo of Dishonor dated 4th October, 2009 & 5th October, 2009 respectively, which was collected by me as on 6th October, 2009 from Dena Bank Branch.
(8) After that society officials again apologized me for their behaviour of dishonour of cheque and paid to me a sum of Rs. 250/- towards the cheque dishonour charges 2nd time and Rs. 4334/- towards the interest for the month of August, 2009 for both the fixed deposits and Society Chairman, Mr. Radheshyam Gupta told me to clear my dues without further failure within a period of 7 days, but society again failed to make any payment thereof. After that, I contacted all the branch officials and chairman vide phone calls and SMS on their respective mobile nos. and landline nos. and a sum of Rs. 4334/- towards the interest for the month of September, 2009 was paid to me in the October, 2009 and the chairman told me to wait till end of the month and assured me that the cheque will surely get honoured on its presentation this time.
(9) On the positive assurance of the Chairman, Mr. Radheshyam Gupta, I presented the aforesaid cheque with his bankers i.e. Dena Bank, Malad (W) Branch for realization of the amount contained therein from its account as on 31st October, 2009 and the aforesaid cheque was again surprisingly returned dishonored by its bankers for the reasons “Funds Insufficient” vide society’s and my banker’s Memo of Dishonor dated 3rd November, 2009 & 4th November, 2009 respectively, which was collected by me as on 5th November, 2009 from Dena Bank Branch.
(11) When I again contacted Mr. Vishwanath Chauhan, current Manager-in-charge of the Society as on 5th November, 2009, he apologized me for the dishonour of the cheque for the 3rd time and paid me a sum of Rs. 2167/- towards the interest for the month of October, 2009 and refused to make full payment of the total outstanding amount and told me only to accept interest in the near future till further notice and after his conversation with Chairman, he clearly refused in a harsh language to make payment of the total outstanding fixed deposit amount and proudly told me to take any legal action whatsoever can be taken against the Society.
(12) Thereafter I also a sent a legal notice dated 11th November, 2009 to the Chairman and the manager in charge of Goregaon Branch and to their Administrative office in Andheri. Notice sent UPC has been duly received by all the above as on 14th November, 2009. Notice sent by Regd. a/d. to the Chairman has been duly received & acknowledged as on 14th November, 2009 and Notice sent by Regd. A/d. to the Manager has been duly received & acknowledged as on
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13th November, 2009 whereas notice sent at Administrative Office has returned undelivered with remarks of “Refused to Accept” after intimation being posted as on 13th & 17th November, 2009 respectively. The said Advocate’s Notice is hereto annexed and marked as Exhibit “G” to the Complaint. The said 3 Postal Booking Receipts are hereto annexed and marked Exhibit “H” collectively to the Complaint. The said UPC Letter is also hereto annexed and marked as Exhibit “I” collectively to the Complaint. The said Signed Acknowledgement Card & Returned Regd. A/d. is also hereto annexed and marked as Exhibit “J-1, J-2, J-3” collectively to the Complaint.
(13) The Society officials had to reply and/or make the payment within 15 days from the receipt of the said legal notice i.e. on or before 28th November, 2009, but they have intentionally neglected to reply and make the payment within the statutory period. When I called Branch Manager, Mr. Vishwanath Chauhan and asked whether they have received any legal notice sent by me, I was told that no notice has been received till the date by him and the Chairman and by Administrative Office also and I was also told that monthly interest which was paid to me will also now won’t be payable and I can take any legal action if I want to take. And I was warned by him that if any legal action is taken against the Society officials then I should forget that one single rupee will be paid to me.
(14) As on 3rd December, 2009, I sent copy of the Advocate’s notice to all the email addresses given on the website of Mr. Radheshyam Gupta i.e. www.laxmigroup.co.in as on 3rd December, 2009. After receipt of the mail immediately within a period of half an hour, a call was made to my son, Mr. Parichay Jain recording of which is also with me. (Recoding-1) on which he said that he has duly received the legal notice and will be making payment between 20th to 30th December, 2009 and when my relative Mr. Chirag S. Kothari (B.Com.L.L.B.) talked with him on his cell no. [protected], he gave following details :-
(a)
The Society is keeping reserves up to Rs. 10 Crores.
(b)
He himself and not the public is owner of Rs. 200 Crore Capital.
(c)
Everyday he deposits Rs. 5,00,000/- in the branch bank account. (Then why cheques of Rs. 1,00,000 are bouncing for 3 times, Bank statement of the society may be asked for further evidence).
(d)
Someone in the past filed a police complaint against him in the same manner for a sum of Rs. 80,00,000/-. He was unable to recover the same due to his contacts with ministers and police authorities. And he said that my amount is only Rs. 4,00,000/-.
(e)
He proudly said that nothing will happen in court. Dilip C. Jain can take any legal action. Legal action in the court will give him more time. He said that he is having a complete legal department to manage this type of notices and faltoo court cases.
(f)
First he asked for a time between 20th to 30th December, 2009 and then he gave another option of paying Rs. 10,000/- per week. Both of them were denied and Mr. Chirag Kothari told him to pay within a period of half an hour as on one side he says he is owner of 200 crores and on other side he was not even paying 1,00,000/- from last 10 months to me and other fixed deposit holders.
(g)
Society Chairman, Radheshyam Gupta said that he has given loan to lot of his relatives and friends, who are not paying back on time, due to which he is also not being able to pay it back to the fixed deposit holders. ( This is the funniest excuse ever heard from a Chairman of a co-operative credit Society )
(h)
From the way he was talking it was clear that he is least concerned with the rules and regulations formed for management of a co-operative credit Society and basic laws of cheques bounce and section – 420 of IPC.
(15) As on 4th December, 2009, when I again called Mr. Radheshyam Gupta, recording of which is also with me – (Recording – 2), he said following points.
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(a)
He told me that he has duly received the letter and it is all faltoo kaam to reply and read all such type of letter. He does not have time to see all this types of letter which are sent to him now and then.
(b)
He also told me that I can go to the court and I can deposit remaining 3 cheques also. He will come to the court and pay the total amount their only. And as per him, it is better that I go to the court and due to which he will get more time.
(c)
He also told that he is least concerned with matter going to media and police.
(d)
He also told me that there was no need of depositing the cheques. As there was no balance in the account.
(e)
He also told that like me there are many customers who are running behind him for Money, to avoid them he has given cheques to the customers just to keep them happy.
(f)
He also said that he can not talk with me for long time, as he was having other purposes and other customers to take care of.
(g)
He said that he is not scared of this type of legal notice. He wants to pay money so all this legal notice and police complaints have no significance in his life.
(h)
He said that he is ready to open a saving account and ready to pay a sum of Rs. 5000 per week in the account.
(i)
He said that he is a very busy person and he does not talk with customers for such type of minor issues. He also said that by talking with me, his precious time has been wasted. He can not talk more with me for a small sum of Rs. 4,00,000/-
Following Legal points should be considered from the all the above facts :-
(A) Society is required to keep reserves in its Bank Account to clear the fixed deposit which are maturing. So from their act of non-payment, it is clear that no provision has been made to pay all the fixed deposits which have matured from last one and half year.
(B) Cheques of Rs. 1,00,000/- has dishonoured 3 times, which shows that the Society is not keeping sufficient working capital and/or balance in its bank account, which is almost an impossible thing to be thought.
(C) For the purpose of avoiding payment of principal, Chairman is giving fixed deposit holders following unethical options which are not as per the rules and regulation of RBI or any other form of non-banking financial institution:
(a) No payment of principal will be made till further notice, only monthly interest on the fixed deposit will be paid and that only too the selected fixed deposit holders will be made till further notice. To whom the payment will be made
is at the sole discretion of the Chairman. The Chairman is trying to keep people shut just by paying them interest per month and cheque dishonour charges.
(b) Convert total monthly interest payable and total fixed deposit amount of the fixed deposit holders into fresh fixed deposits of the equivalent amount. A great trick used to avoid repayment by the Chairman and the branch manager.
(c) Accept 25,000/- for a fixed deposit of Rs. 50,000/- or wait for an infinite period. People in the fear of loss of their hardly earned money are accepting the same and like this many illegal settlements have been done in the past and being still done.
(d) Along with me there are many others, who are being paid or not paid interest on monthly basis. People are accepting interest not willingly, but they are accepting interest as they don’t have any other option other than that. Every one is having a clear cut fear of loosing their capital. So they are accepting all the terms and conditions unwillingly which are dictated by the Society officials to them.
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(e) The Society officials by saying that the Society is in financial crisis have created a big fear and doubt in the minds of investors and the amount which is settled by the Society (For e.g. a sum of Rs. 25,000/- was paid towards a fixed deposit of Rs. 50,000/- in settlement. so there is a balance of Rs. 25,000/- extra which is paid less. This extra 25,000/- is also used by the Society officials for their personal purpose…) No such rule or directions have been given by the RBI or any other governing body of non-banking financial institution till the date.
(f) All this cheque bounce notices are not read and are not worthy of replying.The same are wastage of precious time of chairman and the other branch officials. Such type of notices are not replied. And society officials is least concerned with such type of notices.
(g) Society has changed its regd. Office from Mumbai to thane and the same has not been informed to the fixed deposit holders.
(D) If the Society can’t clear dues on time, and even after a period of more than one and half year, that also of only one fixed deposit and that also of a small amount of Rs. 4,00,000/-, it is a clear cut case of Section - 420 of Indian Penal Code and deficiency in consumer services as per the consumer protection act, 1986 and Section – 138 of Negotiable Instruments Act, 2002 and it is apparent that Society should be handed over to the RBI
or the governing body for further management to avoid certain financial loss to general public at large. The curtains must be raised and Society’s books of accounts must be checked. It is a clear cut case of insolvency of
Society or it is a clear cut case of misuse of the funds of the Society by the Society officials for their personal or any other use.
(h) The notice sent to the Society has not been replied and no communication has been done with myself with regard to the notice. I was given wrong information about receipt of notice by Chairman and branch manager that they
have not received any notice inspite of duly receiving the same. Funniest thing is that the administrative office of the Society has refused to accept the legal notice. The same is administrative office of Laxmi Cars Pvt. Ltd. Also which can been seen from the envelope of Dhanlaxmi Co-op. Credit Society. The said Envelope is also hereto annexed and marked as Exhibit “K” collectively to the Complaint.
From their act of avoiding payment and non-payment of matured fixed deposit to more than 1000 fixed deposit holders only in Goregaon branch, it is clear that there is mismanagement of Society funds for personal purpose by Mr. Radheshyam Gupta & his managers and it is clear that the Society has been
formed just to receive money from people and use it for personal purpose and declare insolvency in the long run or abscond from India after collecting huge funds.
(i) On the website of www.laxmigroup.co.in on the following pages www.laxmigroup.co.in/press-releases.html, Mr. Radheshyam Gupta has put his pictures with Mr. Amitabh Bachhan, Mr. Sachin Tendulkar, Mrs. Rati Agnihotri, Mrs. Girija Vyas(President of Rashtriya Mahila Ayog), Mr. Dinesh Singh ( Entertainment Minister o[censored]P) and has proudly stated that he has earned all the money by doing hard work and with the efforts of his late father and he is talking
only in crores on the website. But from the act of dishonour of cheque of Rs. 1,00,000/- only for continuosly 3 times by reason of “Funds Insufficient”, it is clear that he is a cheater by profession and has been using big personalities and their name for extracting money from people and by giving people threat of his contacts is avoiding payment of the fixed deposit money.
(F) I have a physically handicap son and wife to take care of. Handicap Certificate is also hereto annexed and marked as Exhibit “K” collectively to the Complaint. I am the only earning member of the family, I invested my hardly earned money over the last 26 years in the Society to get good returns and for the benefit of my family members. Like me there are more than 1000 investors whose
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money is stuck with this Society and who are also running behind the Society officials for their money. In the past after lot of requests, Society officials used to pay at least interest to me and others, which also have been stopped. So a humble request & Complaint is made to the Mumbai Police, RBI & Registrar of Society to look into the aforesaid matter and a detailed investigation be initiated into the books of accounts of the Society and action be taken against the concerned branch officials who are misusing people’s hard earned money for their personal purpose.
|| Before Mr. Radheshyam Gupta actually absconds from here to foreign countries or before any of the more than 1000 fixed deposit holders dies or commits suicide due to non-receipt of hardly earned money on time, So, I humbly request again Deputy commissioner of the concerned zone, Officials of Reserve Bank Of India & Additional Commissioner of Police of Economic Offence Wing, Unit – 2 for Banking/Medical cases to take immediate necessary actions against Mr. Radheshyam Gupta & his managers to stop and prevent further mismanagement of Society funds for personal use and save hardly earned money of general public at large. ||
Yours Faithfully,
x
( Dilip Chothmal.Jain )
Place : Mumbai.
Date : 7th December, 2009.
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Details of Branch Offices & Contact Nos.
Administrative Office
Dhanlaxmi Co-operative Credit Society,
Regd. No. BOM/WJW/RSR/695/1992.
Bonanza Arcade, S.V. Road, Amboli,
Andheri – West,
Mumbai – 400 058.
The Branch Manager,
Dhanlaxmi Co-operative Credit Society,
Regd. No. BOM/WJW/RSR/695/1992.
Shop No. 8/9, Sejal Park,
Prabha Apartment,
Link Road,
Goregaon – West,
Mumbai – 400 104.
Contact No. : [protected]
The Chairman, Radheshyam Gupta.
Dhanlaxmi Co-operative Credit Society Ltd.,
Regd. No. BOM/WJW/RSR/695/1992.
Laxmi Cars Pvt., Ltd.,
Laxmi Arcade,Western Express Highway,
Kashimira, Mira Road – East,
Thane - 401106.
Corporate Office of Laxmi Cars Pvt. Ltd. :
(which is Regd. Office of Dhanlaxmi Co-operative Credit Society Ltd. )
Maruti Suzuki Showroom :
Laxmi Arcade, Western Express Highway, Kashimira-Mira Road (E), Thane - 401 106.
Tel. :[protected] / 3921 11 11
Fax. :[protected]
Email : [protected]@laxmigroup.co.in
Regd. Office as per the Fixed Deposit Certificate :
Bonanza Arcade,
S.V.Road, Amboli,
Andheri(West),
Mumbai - 400 058.
Tel. :[protected]/44,2679 17 77
Fax. :[protected]
Email : [protected]@rediffmail.com
Society Official Contact Nos.
(1) Radheshyam Gupta. - [protected]. - Chairman
(2) Vishwanath Chauhan - [protected]. - Branch Manager.
(3) Milind Rane - [protected]. - Branch Mangare.
(4) Dinesh Verma - [protected]. - A/c. Manager.
(5) Mahindra Pandey - [protected] - A/c. Clerk.
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Total Payment Receivable
Following is the total amount receivable from the society officials till the date :
Sr. No.
Particulars
Amount (Rs.)
1.
The Dishonoured Cheque Amount
1,00,000/-
2.
Cheque Dishonour Charges by Dena Bank
250.00/-
3.
Advocate's Charges.
5000/-
4.
Regd. A/d Charges.
150/-
5.
UPC Charges.
18/-
6.
Pending Cheque on 1st Fixed Deposit
1,00,000/-
7.
Pending Amount of 2nd Fixed Deposit.
2,00,000/-
8.
Interest till the date of final payment – 18% p.a.
Interest.
9.
Damages for Mental Inconvenience
70,000/-
10.
Total
4,75,418 + Interest
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Complaint marked as Resolved Aug 14, 2020
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Dhanlaxmi Co-operative Credit Society — Non Receipt of Fixed Deposit amount after due date

Sir,

I, Mr. Dilip Chothmal Jain, having place of business at 107/B, Ankur Apartment, Liberty Garden, Road No. 3, Malad (W), Mumbai - 400 064., I would like to address all of you as under :-

Amount Dated Tenure Inter. Maturity FD Receipt Branch
Rate Date No. Receipt No.

2,00,000 19th Jan,2008 1 Year 13% 19th Jan,2009 4588 019359
2,00,000 26th Feb, 2008 1 Year 13% 26th Feb, 2009 4627 019262

The said Fixed Deposit Certificates are hereby marked and annexed as Exhibit “A-1 & A-2” collectively to the Complaint.

(2) The 1st fixed deposit has duly matured as on 19th January, 2009 & the 2nd fixed deposit has duly matured as on 26th February, 2009. Even after that I was not paid the total amount of the both the matured fixed deposit. The branch manager, Mr. Rais Khan who was in-charge of the branch at that time gave me a surprising excuse that the Society is having financial crisis and is not in position to make the full payment of the matured fixed deposit to all the fixed deposit holders and asked for more time to arrange for the funds. Considering the past relationships with Society Chairman, Mr. Radheshyam Gupta gave further time till March, 2009.

(3) In the month of April, 2009, I gave a written request vide a letter dated 8th April, 2009 and duly acknowledged by Mr. Dinesh Verma who was in-charge of the branch at that time to clear the total outstanding amount of the matured fixed deposit. After several requests, phone calls to the branch officials and to the Chairman Mr. Radheshyam Gupta, as on 9th April, 2009, a sum of Rs. 9,545/- & 8,975 by way of 2 cheques was paid to me towards the interest amount of 4 months till 31st March, 2009 and Mr. Radheshyam Gupta surprisingly gave me an excuse that Society is not having sufficient funds to clear the total outstanding amount of the fixed deposit of all the fixed deposit holders. The Account Confirmation letters are hereby marked and annexed as Exhibit “B- & B-2” collectively to the Complaint. The Request Letter are hereby marked and annexed as Exhibit “C-1 & C-2” collectively to the Complaint.

(4) As on 1st May, 2009 & 1st June, 2009 a total sum of Rs. 8668/- was paid to me towards the interest amount of the said matured fixed deposit for 2 months and in the month of June, 2009, on the assurance of Mr. Milind Rane who was Branch In-charge at that time, I surrendered the original fixed deposit receipt surrendered the original fixed deposit receipt of both the fixed deposits to the accountant Mr. Dinesh Verma and towards their admitted liability and as per mutual oral agreement between me and the chairman, total payment was agreed to be paid by way of 4 cheques details of which are as follows, were issued to me in full and final settlement. :

Cheque No. Date Amount Bank

702583 1st August, 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
702584 1st Septem., 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
702585 1st October, 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank
702586 1st Novem, 2009 Rs. 1,00,000/- Shamrao Vitthal Co-op. Bank



In the month of July, 2009 a sum of Rs. 2167/- was paid to me towards the interest for the month of June, 2009.

(5) On positive assurance of the Society Chairman, Mr. Radheshyam Gupta, I presented only the 1st cheque out of the 4 cheques bearing No. “702583” with my bankers i.e. Dena Bank, Malad (W) Branch for realization of the amount contained therein from Society’s account as on 24th August, 2009 and the aforesaid cheque was surprisingly returned dishonored by its bankers for the reasons “Funds Insufficient” vide its and my banker’s Memo of Dishonor dated 25th August, 2009 & 26th August, 2009 respectively, which was collected by me as on 27th August, 2009 from Dena Bank Branch. The said dishonoured cheque & other cheques are hereby marked and annexed as Exhibit “D” collectively to the Complaint. The Memos of Dishonour of both the banks are hereby marked and annexed as Exhibit “E” & Exhibit “F-1,F-2 & F-3”collectively to the Complaint.

(6) After that, I contacted Mr. Milind Rane, who apologized me for the dishonour of the cheque and immediately paid me a sum of Rs. 250/- towards the cheque dishonour charges and Rs. 4334/- towards the interest for the month of July, 2009 for both the fixed deposits and asked for more time as society was still suffering from financial crisis. I generously gave them more time till October, 2009.

(7) On the positive assurance of Mr. Milind Rane, I represented the aforesaid cheque with my bankers i.e. Dena Bank, Malad (W) Branch for realization of the amount contained therein from Society’s account as on 3rd October, 2009 and the aforesaid cheque was surprisingly again returned dishonored by Society’s bankers for the reasons “Funds Insufficient” vide its and my banker’s Memo of Dishonor dated 4th October, 2009 & 5th October, 2009 respectively, which was collected by me as on 6th October, 2009 from Dena Bank Branch.

(8) After that society officials again apologized me for their behaviour of dishonour of cheque and paid to me a sum of Rs. 250/- towards the cheque dishonour charges 2nd time and Rs. 4334/- towards the interest for the month of August, 2009 for both the fixed deposits and Society Chairman, Mr. Radheshyam Gupta told me to clear my dues without further failure within a period of 7 days, but society again failed to make any payment thereof. After that, I contacted all the branch officials and chairman vide phone calls and SMS on their respective mobile nos. and landline nos. and a sum of Rs. 4334/- towards the interest for the month of September, 2009 was paid to me in the October, 2009 and the chairman told me to wait till end of the month and assured me that the cheque will surely get honoured on its presentation this time.

(9) On the positive assurance of the Chairman, Mr. Radheshyam Gupta, I presented the aforesaid cheque with his bankers i.e. Dena Bank, Malad (W) Branch for realization of the amount contained therein from its account as on 31st October, 2009 and the aforesaid cheque was again surprisingly returned dishonored by its bankers for the reasons “Funds Insufficient” vide society’s and my banker’s Memo of Dishonor dated 3rd November, 2009 & 4th November, 2009 respectively, which was collected by me as on 5th November, 2009 from Dena Bank Branch.

(11) When I again contacted Mr. Vishwanath Chauhan, current Manager-in-charge of the Society as on 5th November, 2009, he apologized me for the dishonour of the cheque for the 3rd time and paid me a sum of Rs. 2167/- towards the interest for the month of October, 2009 and refused to make full payment of the total outstanding amount and told me only to accept interest in the near future till further notice and after his conversation with Chairman, he clearly refused in a harsh language to make payment of the total outstanding fixed deposit amount and proudly told me to take any legal action whatsoever can be taken against the Society.




(12) Thereafter I also a sent a legal notice dated 11th November, 2009 to the Chairman and the manager in charge of Goregaon Branch and to their Administrative office in Andheri. Notice sent UPC has been duly received by all the above as on 14th November, 2009. Notice sent by Regd. a/d. to the Chairman has been duly received & acknowledged as on 14th November, 2009 and Notice sent by Regd. A/d. to the Manager has been duly received & acknowledged as on 13th November, 2009 whereas notice sent at Administrative Office has returned undelivered with remarks of “Refused to Accept” after intimation being posted as on 13th & 17th November, 2009 respectively. The said Advocate’s Notice is hereto annexed and marked as Exhibit “G” to the Complaint. The said 3 Postal Booking Receipts are hereto annexed and marked Exhibit “H” collectively to the Complaint. The said UPC Letter is also hereto annexed and marked as Exhibit “I” collectively to the Complaint. The said Signed Acknowledgement Card & Returned Regd. A/d. is also hereto annexed and marked as Exhibit “J-1, J-2, J-3” collectively to the Complaint.

(13) The Society officials had to reply and/or make the payment within 15 days from the receipt of the said legal notice i.e. on or before 28th November, 2009, but they have intentionally neglected to reply and make the payment within the statutory period. When I called Branch Manager, Mr. Vishwanath Chauhan and asked whether they have received any legal notice sent by me, I was told that no notice has been received till the date by him and the Chairman and by Administrative Office also and I was also told that monthly interest which was paid to me will also now won’t be payable and I can take any legal action if I want to take. And I was warned by him that if any legal action is taken against the Society officials then I should forget that one single rupee will be paid to me.

(14) As on 3rd December, 2009, I sent copy of the Advocate’s notice to all the email addresses given on the website of Mr. Radheshyam Gupta i.e. www.laxmigroup.co.in as on 3rd December, 2009. After receipt of the mail immediately within a period of half an hour, a call was made to my son, Mr. Parichay Jain recording of which is also with me. (Recoding-1) on which he said that he has duly received the legal notice and will be making payment between 20th to 30th December, 2009 and when my relative Mr. Chirag S. Kothari (B.Com.L.L.B.) talked with him on his cell no. [protected], he gave following details :-

(a) The Society is keeping reserves up to Rs. 10 Crores.
(b) He himself and not the public is owner of Rs. 200 Crore Capital.
(c) Everyday he deposits Rs. 5,00,000/- in the branch bank account. (Then why cheques of Rs. 1,00,000 are bouncing for 3 times, Bank statement of the society may be asked for further evidence).
(d) Someone in the past filed a police complaint against him in the same manner for a sum of Rs. 80,00,000/-. He was unable to recover the same due to his contacts with ministers and police authorities. And he said that my amount is only Rs. 4,00,000/-.
(e) He proudly said that nothing will happen in court. Dilip C. Jain can take any legal action. Legal action in the court will give him more time. He said that he is having a complete legal department to manage this type of notices and faltoo court cases.
(f) First he asked for a time between 20th to 30th December, 2009 and then he gave another option of paying Rs. 10,000/- per week. Both of them were denied and Mr. Chirag Kothari told him to pay within a period of half an hour as on one side he says he is owner of 200 crores and on other side he was not even paying 1,00,000/- from last 10 months to me and other fixed deposit holders.
(g) Society Chairman, Radheshyam Gupta said that he has given loan to lot of his relatives and friends, who are not paying back on time, due to which he is also not being able to pay it back to the fixed deposit holders. ( This is the funniest excuse ever heard from a Chairman of a co-operative credit Society )
(h) From the way he was talking it was clear that he is least concerned with the rules and regulations formed for management of a co-operative credit Society and basic laws of cheques bounce and section – 420 of IPC.

(15) As on 4th December, 2009, when I again called Mr. Radheshyam Gupta, recording of which is also with me – (Recording – 2), he said following points.

(a) He told me that he has duly received the letter and it is all faltoo kaam to reply and read all such type of letter. He does not have time to see all this types of letter which are sent to him now and then.
(b) He also told me that I can go to the court and I can deposit remaining 3 cheques also. He will come to the court and pay the total amount their only. And as per him, it is better that I go to the court and due to which he will get more time.
(c) He also told that he is least concerned with matter going to media and police.
(d) He also told me that there was no need of depositing the cheques. As there was no balance in the account.
(e) He also told that like me there are many customers who are running behind him for Money, to avoid them he has given cheques to the customers just to keep them happy.
(f) He also said that he can not talk with me for long time, as he was having other purposes and other customers to take care of.
(g) He said that he is not scared of this type of legal notice. He wants to pay money so all this legal notice and police complaints have no significance in his life.
(h) He said that he is ready to open a saving account and ready to pay a sum of Rs. 5000 per week in the account.
(i) He said that he is a very busy person and he does not talk with customers for such type of minor issues. He also said that by talking with me, his precious time has been wasted. He can not talk more with me for a small sum of Rs. 4,00,000/-

(16) As on 4th December, 2009, when I also talked with Mr. Milind Rane (Branch Manager_, recording of which is also with me – (Recording – 3), he said following points.

(a) As he is not getting funds from the head office, he also is unable to lump sum payment to me.
(b) He was only saying that whatever is being said and done is right. He also said that Society has given lot of loans and which are unpaid due to which Society is having problems in repayment.
(c) He said that Mr. Radheshyam Gupta is trying to make it a multi-state Society. ( if they have so much funds to make it multi-state then why they are not paying Rs. 4,00,000/-.? )
(d) But no further reply or payment was done to me, even after talking with him also.

Following Legal points should be considered from the all the above facts :-

(A) Society is required to keep reserves in its Bank Account to clear the fixed deposit which are maturing. So from their act of non-payment, it is clear that no provision has been made to pay all the fixed deposits which have matured from last one and half year.

(B) Cheques of Rs. 1,00,000/- has dishonoured 3 times, which shows that the Society is not keeping sufficient working capital and/or balance in its bank account, which is almost an impossible thing to be thought.

(C) For the purpose of avoiding payment of principal, Chairman is giving fixed deposit holders following unethical options which are not as per the rules and regulation of RBI or any other form of non-banking financial institution:

(a) No payment of principal will be made till further notice, only monthly interest on the fixed deposit will be paid and that only too the selected fixed deposit holders will be made till further notice. To whom the payment will be made
is at the sole discretion of the Chairman. The Chairman is trying to keep people shut just by paying them interest per month and cheque dishonour charges.

(b) Convert total monthly interest payable and total fixed deposit amount of the fixed deposit holders into fresh fixed deposits of the equivalent amount. A great trick used to avoid repayment by the Chairman and the branch manager.

(c) Accept 25,000/- for a fixed deposit of Rs. 50,000/- or wait for an infinite period. People in the fear of loss of their hardly earned money are accepting the same and like this many illegal settlements have been done in the past and being still done.

(d) Along with me there are many others, who are being paid or not paid interest on monthly basis. People are accepting interest not willingly, but they are accepting interest as they don’t have any other option other than that. Every one is having a clear cut fear of loosing their capital. So they are accepting all the terms and conditions unwillingly which are dictated by the Society officials to them.

(e) The Society officials by saying that the Society is in financial crisis have created a big fear and doubt in the minds of investors and the amount which is settled by the Society (For e.g. a sum of Rs. 25,000/- was paid towards a fixed deposit of Rs. 50,000/- in settlement. so there is a balance of Rs. 25,000/- extra which is paid less. This extra 25,000/- is also used by the Society officials for their personal purpose…) No such rule or directions have been given by the RBI or any other governing body of non-banking financial institution till the date.

(f) All this cheque bounce notices are not read and are not worthy of replying.The same are wastage of precious time of chairman and the other branch officials. Such type of notices are not replied. And society officials is least concerned with such type of notices.

(g) Society has changed its regd. Office from Mumbai to thane and the same has not been informed to the fixed deposit holders.

(D) If the Society can’t clear dues on time, and even after a period of more than one and half year, that also of only one fixed deposit and that also of a small amount of Rs. 4,00,000/-, it is a clear cut case of Section - 420 of Indian Penal Code and deficiency in consumer services as per the consumer protection act, 1986 and Section – 138 of Negotiable Instruments Act, 2002 and it is apparent that Society should be handed over to the RBI
or the governing body for further management to avoid certain financial loss to general public at large. The curtains must be raised and Society’s books of accounts must be checked. It is a clear cut case of insolvency of

Society or it is a clear cut case of misuse of the funds of the Society by the Society officials for their personal or any other use.

(h) The notice sent to the Society has not been replied and no communication has been done with myself with regard to the notice. I was given wrong information about receipt of notice by Chairman and branch manager that they
have not received any notice inspite of duly receiving the same. Funniest thing is that the administrative office of the Society has refused to accept the legal notice. The same is administrative office of Laxmi Cars Pvt. Ltd. Also which can been seen from the envelope of Dhanlaxmi Co-op. Credit Society. The said Envelope is also hereto annexed and marked as Exhibit “K” collectively to the Complaint.

From their act of avoiding payment and non-payment of matured fixed deposit to more than 1000 fixed deposit holders only in Goregaon branch, it is clear that there is mismanagement of Society funds for personal purpose by Mr. Radheshyam Gupta & his managers and it is clear that the Society has been


formed just to receive money from people and use it for personal purpose and declare insolvency in the long run or abscond from India after collecting huge funds.

(i) On the website of www.laxmigroup.co.in on the following pages www.laxmigroup.co.in/press-releases.html, Mr. Radheshyam Gupta has put his pictures with Mr. Amitabh Bachhan, Mr. Sachin Tendulkar, Mrs. Rati Agnihotri, Mrs. Girija Vyas(President of Rashtriya Mahila Ayog), Mr. Dinesh Singh ( Entertainment Minister o[censored]P) and has proudly stated that he has earned all the money by doing hard work and with the efforts of his late father and he is talking
only in crores on the website. But from the act of dishonour of cheque of Rs. 1,00,000/- only for continuosly 3 times by reason of “Funds Insufficient”, it is clear that he is a cheater by profession and has been using big personalities and their name for extracting money from people and by giving people threat of his contacts is avoiding payment of the fixed deposit money.

(F) I have a physically handicap son and wife to take care of. Handicap Certificate is also hereto annexed and marked as Exhibit “K” collectively to the Complaint. I am the only earning member of the family, I invested my hardly earned money over the last 46 years in the Society to get good returns and for the benefit of my family members. Like me there are more than 1000 investors whose money is stuck with this Society and who are also running behind the Society officials for their money. In the past after lot of requests, Society officials used to pay at least interest to me and others, which also have been stopped. So a humble request & Complaint is made to the Mumbai Police, RBI & Registrar of Society to look into the aforesaid matter and a detailed investigation be initiated into the books of accounts of the Society and action be taken against the concerned branch officials who are misusing people’s hard earned money for their personal purpose.

|| Before Mr. Radheshyam Gupta actually absconds from here to foreign countries or before any of the more than 1000 fixed deposit holders dies or commits suicide due to non-receipt of hardly earned money on time, So, I humbly request again Deputy commissioner of the concerned zone, Officials of Reserve Bank Of India & Additional Commissioner of Police of Economic Offence Wing, Unit – 2 for Banking/Medical cases to take immediate necessary actions against Mr. Radheshyam Gupta & his managers to stop and prevent further mismanagement of Society funds for personal use and save hardly earned money of general public at large. ||


Yours Faithfully,


x


( Dilip Chothmal.Jain )

Place : Mumbai.
Date : 7th December, 2009.













Details of Branch Offices & Contact Nos.


Administrative Office
Dhanlaxmi Co-operative Credit Society,
Regd. No. BOM/WJW/RSR/695/1992.
Bonanza Arcade, S.V. Road, Amboli,
Andheri – West,
Mumbai – 400 058.

The Branch Manager,
Dhanlaxmi Co-operative Credit Society,
Regd. No. BOM/WJW/RSR/695/1992.
Shop No. 8/9, Sejal Park,
Prabha Apartment,
Link Road,
Goregaon – West,
Mumbai – 400 104.

Contact No. : [protected]

The Chairman, Radheshyam Gupta.

Dhanlaxmi Co-operative Credit Society Ltd.,
Regd. No. BOM/WJW/RSR/695/1992.
Laxmi Cars Pvt., Ltd.,
Laxmi Arcade,Western Express Highway,
Kashimira, Mira Road – East,
Thane - 401106.

Corporate Office of Laxmi Cars Pvt. Ltd. :
(which is Regd. Office of Dhanlaxmi Co-operative Credit Society Ltd. )
Maruti Suzuki Showroom :

Laxmi Arcade, Western Express Highway,
Kashimira-Mira Road (E), Thane - 401 106.
Tel. :[protected] / 3921 11 11
Fax. :[protected]
Email : [protected]@laxmigroup.co.in

Regd. Office as per the Fixed Deposit Certificate :

Bonanza Arcade,
S.V.Road, Amboli,
Andheri(West),
Mumbai - 400 058.
Tel. :[protected]/44,2679 17 77
Fax. :[protected]
Email : [protected]@rediffmail.com

Society Official Contact Nos.

(1) Radheshyam Gupta. - [protected]. - Chairman
(2) Vishwanath Chauhan - [protected]. - Branch Manager.
(3) Milind Rane - [protected]. - Branch Mangare.
(4) Dinesh Verma - [protected]. - A/c. Manager.
(5) Mahindra Pandey - [protected] - A/c. Clerk.








Total Payment Receivable

Following is the total amount receivable from the society officials till the date :


Sr. No. Particulars Amount (Rs.)

1. The Dishonoured Cheque Amount 1,00,000/-
2. Cheque Dishonour Charges by Dena Bank 250.00/-
3. Advocate's Charges. 5000/-
4. Regd. A/d Charges. 150/-
5. UPC Charges. 18/-
6. Pending Cheque on 1st Fixed Deposit 1,00,000/-
7. Pending Amount of 2nd Fixed Deposit. 2,00,000/-
8. Interest till the date of final payment – 18% p.a. Interest.
9. Damages for Mental Inconvenience 70,000/-
10. Total 4,75,418 + Interest
Dear Dilip,

I can understand your pain.
As I have also invest around Rs 10000/- in double scheme with Goregaon branch.

They have closed the branch & vanished from the market.

I have lodged the complaint with credit society. Wants to take further action.

I would like to give you full support.

My nos is[protected]. ( Rohit Bhalla)
I am a senior citizen & am given a similar exsuse at the Andheri Br, My & my family's FDs have matured in Feb but they are refusing to make the payment. We need to collect more people & fight collectively. My email id is [protected]@yahoo.com
hjh;ojh;hsxgvkhgu
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The bank officials are fooling around people all over mumbai. They are giving false assurance to everyone all over mumbai. they have money but they are not intentionally not paying. they are delaying payment so that people will get tired and not ask for the money.

if anyone wants to file complaint against them, kindly contact me at the following addresses.

[protected]
[protected]@yahoo.com
i dont belive u all
I wanted to know about the fact of this Dhanalaxmi co-operative credit society. I saw a newspaper ad on 16.03.2010 that amount get double with in 6 year.

Dhanlaxmi Co-op credit society — Fixed deposit money is not returning

I have made FD with this co-operative credit society.
On maturity they have refused to repay the amount.
The branch manager at Oshiwara requested to send the amount by courier at me residence.

later on they closed down the oshiwara branch.

They done this with lots of people.

They should be put behind the bars for duing cheating with so many people.
ADVERTISEMENT
They should be put behind bar.

Call on[protected]
your's article will create panic to the depositer of dhanlaxmi
my name is Chandan Laha.
I Have 3 fixed deposit (mis)certificates in Dhan Laxmi CO.ORP society at Goregaon Branch which is now shifted to mira road.
I have made these certificates in 2006 March and after that i have made many visits and only after some time they manage to release one interest payment.
For the past three months the interest is also stopped.My entire savings is put there and i fear i may loose it .
The over due FDRs were to be refunded with Principal + Interest portions at agreed rates of Interest till Maturity and then @18% p.a., till the actual date of repaying the Principal & Interest & overdue interest+Costs to be met with the defautled party.

B.RAMACHANDER RAO [0][protected] email ID: b.[protected]@gmail.com
201;Sri Ranga Apts,[protected]/5-1, Sitaphalmandi,
Secunderabad-500061[AP]
ADVERTISEMENT
Dhanlami credit co-op bank has not returned our fixed deposits please guide us to recover the same
i and my brother have savings account in the bank we are trying to track if any of its branch is open but its useless. all the customer care nos. and branch nos. are either disconnected or unavailable.
my name is rekha umbarkar my acount no is 1347 branch is of bhayandar my FD is of amount 10, 000 it from feb 2009 and also there is currrent amount is 7656 so please give our money return
I have also invest Rs 6000/- in 3 year FD scheme with Kandivali branch on 30 oct 2007. But that time I know that the scheme was faulty. So I try to get money back but every time they manager and head office told me that the money is block under 3 year scheme you can get your money (Rs 7800) after maturity. So I wait when I went collect my money on 31 oct 2010 then I know that the bank has closed. And CEO of bank has been arrested.

Can I get my money ?

Regards
Sanjay Kothawade
[protected]
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Dear Mr. Jain and others,

Any updates on Dhanlaxmi Co-operative Credit Society.

We have similar case. Matured amounts are not being paid.

Please advise on how to recover the amounts and status of legal actions, etc.

You can contact me at khanna.[protected]@gmail.com

dhanlaxmi co op society — FD money not yet got

I have not yet recd my FD amount from Dhanlaxmi co op credit society can any one help me hoe do i get my money. The COE of the bank is MR, Radhesham gupta he is not available on phone also. Can i get his phone no & residence address so i can go & ask for the money Or is there any other way to recieve my money.

Can any one help me
u will get full and proper details, call me on [protected] rajeev sharma

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