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| Legal Metrology rescues consumer fleeced by Real Estate company | | Jammu, November 27, (Scoop News)- Continuing with their efforts to protect the interest of consumers being fleeced by misleading advertisements about the doubling of their money in the shortest possible time, the department of Legal Metrology today came at the rescue of one lady namely Garo Devi W/O Madan Lal R/O Meen Chak Bari Brahmana, who was made to suffer from her hard earned saved money which she invested in real estate company for expecting lucrative growth in her money.
According to the Complainant, She Invested 50,000 rupees in three parts @ 20,000,20,000 & 10,000 with M/S PACL Indial Limited, commonly known as PEARL having its local office at Canal Road & registered office at Jaipur with the hope to double its amount by its maturity date in July 2014. With high hopes she approached the said company after maturity & submitted the Buy Back papers for liquidation of the amount in her favour, who in turn was assured to wait for further few days. After continuously visiting for more than 3 months regularly at their doorsteps, she was refused to made payments. Sensing foul smell she approached the department of Legal Metrology to register her complaint of Unfair trade practices under Consumer Protection Act.
Acting swiftly on the complaint, The Joint Controller Legal Metrology Amar Singh Immediately took cognizance of the complaint & searched the whereabouts of the company at the internet site which revealed the frequent cheating by the said company . The Securities and Excange Board Of India(SEBI) has already directed PACL, the firm under question to refund Rs 44,000 crore to the investors in three months time & it was the biggest crack down By SEBI on the entity in monetary terms with the direction to its promoters and Directors to wind up all the existing collective investment schemes. The department immediately approached the local officers of the company on behalf of the aggrieved consumer & ensured that the said amount is being released by the company on the spot. The company officials surrendered fearing the initiative of Legal action from the department & to come out of the situation, company immediately released an amount of Rs 107000 including the interest over & the maturity date.
The department has appealed to all the investors to check the credentials of the such companies before investment rather than to cry at the later stage.
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