Kamalakshi Cooperative Society fraud case: Action initiated for debit freeze of assets

09:15 AM Dec 31, 2022 | Team Udayavani |

Udupi: District police have written to the concerned authorities to the enforce freeze on the bank accounts (debit freeze) of the Kamalakshi Vividodhesha Sahakara Sangha (Multipurpose Cooperative Society) in connection with the alleged multi-crore fraud case.


The president of the co-op society B V Laxminarayana, and its directors namely Ravi Upadhya, B V Balakrishna, Bhaskar Upadhya, Uday Upadhya, Radhika, and Sujatha,  have been named the accused in the case.

Letters have been sent to the Municipal Commissioner, all tahsildars, and sub-registrars of the district to identify the properties in the name of the accused as well as the Society and impose a freeze on the sale of said properties. A similar request has been forwarded to the Banks and financial institutions to freeze the bank accounts of the accused.

The society had accepted deposits from the public promising rate of returns as high as 10 percent to 12 percent. Depositors had alleged that society of not returned their money since June 2022.

Based on the complaint, a search warrant was obtained from the court and the office of the cooperative society has been sealed until further notice.


Meanwhile, prime accused, B.V. Laxminarayana has been remanded in judicial custody. Police said the accused has been taken into police custody and further investigation will be carried out.

Police said only about 100 depositors of the society have submitted documents about their investments at the CEN police station. Others are yet to submit the requisite proofs. the properties of the society are being attached and after following due procedure, the proceeds from the sales of these assets could be divided among the depositors after the liquidation of these assets. The police have requested the depositors to submit a complaint to the CEN police station along with documentary proof.


Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.