Ernakulam consumer rights panel slaps financial firm with fine of ₹7 lakh on charge of cheating

The Ernakulam District Consumer Disputes Redressal Commission has fined a financial firm ₹7 lakh for cheating a consumer by promising high returns on investments. The consumer invested ₹6 lakh in a scheme that offered 12% interest, but later found out the firm operated without approval from the government or the Reserve Bank of India. Despite being arrested for fraud, the firm did not refund the investment. The Commission declared the firm ex-parte for not appearing in court, and ordered them to refund the deposit, pay compensation, and cover legal costs. This case highlights the importance of protecting consumer rights and holding accountable those who exploit others for financial gain.