Section 3(1) in West Bengal Protection of Interest of Depositors in Financial Establishments Act, 2013
(1)Where any financial establishment-(a)fails to make any re-payment of deposit along with any benefit in the form of interest, bonus, profit or in any other form, after a specified period, that is, on maturity or otherwise; or(b)fails to render service, product or asset promised against the deposit; or(c)fails to render any specified service agreed against such deposit with intention of causing wrongful gain to one person or wrongful loss to another person; or(d)commits such default due to its inability arising out of impracticable or commercially not viable promises made while accepting such deposit; or(e)commits such default due to deployment of money or assets acquired out of the deposits in such a manner as it involves inherent risk in recovering the same when needed, such financial establishment and every person including the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or for conducting the business or affairs of such financial establishment, shall be deemed to have committed a default in repayment of deposit fraudulently.
