Chennai, Sep 18: Madras High Court has directed Punjab National Bank (PNB), Mylapore branch, to return Rs 9.10 lakh with interest to a depositor, who alleged that the bank had cheated him.
Justice K Venkataraman, gave the direction on Wednesday, Sep 17, while disposing of a writ petition filed by K Babu Chettiar (61), a businessman engaged in scrap demolition and dismantling in Velachery.
According to the petitioner, he entered into a mutual oral understanding wherein the bank, promised to dispose of a property, under auction in favour of him on his depositing the upset price of Rs 9.10 lakh. The amount was to be treated as adjustment of a loan obtained by the original owner of the property.
The bank assured Chettiar that the property documents would be given in a few weeks. But even after six months, the bank neither gave the document nor returned the money. The bank informed him that it had misplaced the entire documents relating to the property.
Contending that the bank had played a fraud on him, Chettiar filed the petition.
The judge noted that the bank did not respond to the notice issued by the court. Neither the officials of the bank nor its counsel appeared even on the last hearing, a couple of days ago.
Hence, the court issued the ex-parte order directing the bank to return the entire amount with interest within four weeks.