Multi-crore scam at co-op society: Court grants conditional bail to prime accused Laxminarayana

Udupi: District Court in Udupi has granted conditional bail to B.V. Laxminarayana, the president of the Kamalakshi Vividodhesha Sahakara Sangha (Multipurpose Cooperative Society), who had been arrested in connection with the alleged multi-crore fraud case in the cooperative society.

Police have received complaints from 7 depositors of the said society alleging a multi-crore fraud by its management.

As the fraud came to light, Enforcement Directorate (ED) also started gathering information about the alleged irregularities.

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.

Earlier, Udupi district police had written to the concerned authorities to the enforce freeze on the bank accounts (debit freeze) of the Society in connection with the alleged multi-crore fraud case.