Udupi: President of Kamalakshi Multipurpose Cooperative Society, B.V. Lakshminarayana who was arrested in connection with an alleged scam in the Udupi branch was on Thursday produced before the court, which remanded him in judicial custody till January 11.
Defense counsel, Mitra Kumar said that a bail application has been filed and there is an inquiry on January 2.
Kumar said, ” The cooperative society has not received the outstanding loan amount from the borrowers due to the economic crisis that occurred during the Covid. Once received, the due amount will be returned to the customers. If not, my client has promised to sell his property to settle the dues.”
President of the cooperative society, B.V. Lakshminarayana and others have been accused of cheating depositors of over Rs 70 lakh.
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The depositors claimed that a few mortgaged properties have been fraudulently sold to the family members of the board members.