Udupi: Police conducted raids in connection with an alleged scam in Kamalakshi Multipurpose Cooperative Society on Friday, December 23.
During the raid, police seized documents having details of depositors, beneficiaries of loans, and financial transactions.
It is alleged that the society board members have cheated the depositors of over Rs 70 lakh. The depositors claimed that a few mortgaged properties have been fraudulently sold to the family members of the board members.
The society had lured depositors with interest rates as high as 12 percent. Society’s president B.V. Lakshminarayana, Ravi Upadhyaya, B.V. Balakrishna, Bhaskara Upadhyaya, Udaya Upadhyaya, Radhika, and Sujatha have been accused of cheating.