A deposit scheme in Muzaffarpur failed to return my money, is the company liable?
MA Asked by Madhuri Dixit from India
Quick Answer
Unauthorized deposit schemes are regulated under Bihar Rent Control Act 2017 and the Banning of Unregulated Deposit Schemes Act.
Detailed Legal Analysis
Unauthorized deposit schemes are regulated under Bihar Rent Control Act 2017 and the Banning of Unregulated Deposit Schemes Act. The Patna High Court has held that entities accepting deposits without proper registration are liable for full restitution.
In Muzaffarpur, you can file a consumer complaint and a complaint with the state deposit regulator. The Patna High Court has upheld that directors of defaulting companies can be personally proceeded against for fraudulent deposits.
Under Bihar Rent Control Act 2017, 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 Muzaffarpur.
Disclaimer: AI-generated for educational purposes only. Does not constitute legal advice. Consult a qualified practitioner.