A deposit scheme in Bengaluru failed to return my money, is the company liable?

Detailed Legal Analysis

Unauthorized deposit schemes are regulated under Karnataka Rent Control Act 1999 and the Banning of Unregulated Deposit Schemes Act. The Karnataka High Court has held that entities accepting deposits without proper registration are liable for full restitution.

In Bengaluru, you can file a consumer complaint and a complaint with the state deposit regulator. The Karnataka High Court has upheld that directors of defaulting companies can be personally proceeded against for fraudulent deposits.

Under Karnataka Rent Control Act 1999, the consumer commission can order refund with interest and penalty for deficiency. You should preserve the deposit receipt, agreement, and communication records for your complaint in Bengaluru.