A deposit scheme in Dehradun failed to return my money, is the company liable?
NI Asked by Nitin Khanna from India
Quick Answer
Unauthorized deposit schemes are regulated under Uttarakhand Rent Control Act 2011 and the Banning of Unregulated Deposit Schemes Act.
Detailed Legal Analysis
Unauthorized deposit schemes are regulated under Uttarakhand Rent Control Act 2011 and the Banning of Unregulated Deposit Schemes Act. The Uttarakhand High Court has held that entities accepting deposits without proper registration are liable for full restitution.
In Dehradun, you can file a consumer complaint and a complaint with the state deposit regulator. The Uttarakhand High Court has upheld that directors of defaulting companies can be personally proceeded against for fraudulent deposits.
Under Uttarakhand Rent Control Act 2011, 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 Dehradun.
Legal Provisions Referenced
Verify the current statutory text at India Code (the official repository of Indian legislation) or the Legislative Department. This answer is general legal information, not advice on your specific matter.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.