As per Hon'bleShri V.K. Agarwal, President:-

1. This complaint under section 12 read with 17 of the Consumer Protection Act 1986, is filed by the appellant Jila Sahkari Kendriya Bank Maryadit, Bilaspur, (hereinafter called "Cooperative Bank" for short) for recovery and reimbursement of the loss to the tune of Rs. 6,94,805/- under the "Bankers' Indemnity Policy", (hereinafter called "Policy" for short) issued by the opposite party insurer, National Insurance Company Ltd. on account of loss caused to it due to fraud and embezzlement by one.

2. The relevant averments in the complainant stated in brief are that the complainant obtained from the opposite party the policy and paid premium for coverage of risk of item A to E to the extent of Rs. 10,00,000/-, additional insurance and coverage of risk under item A to the extent of Rs. 50,00,000/¬and for additional insurance and coverage of risk for item B to the extent of Rs. 15,00,000/-. It was further averred that one of the employees of the complainant bank, namely Santosh Kumar Dubey who was working as a cashier, committed fraud and embezzlement, resulting in total loss to the complainant bank to the tune of Rs. 9,62,365/-. Howeve