Udupi: Cooperative society accused of cheating dozens of depositors; victims gherao office

Udupi: Scores of depositors allegedly cheated by Kamalakshi Multipurpose Cooperative Society gheraoed the office on Monday, December 19, demanding the return of their deposits.

According to the protestors, the chief of the society B V Laxminarayana has also gone missing. The depositors barged into the office and demanded an explanation from the staff.

It is said that the society board members have cheated the depositors of over Rs 100 crore. The depositors alleged that a few mortgaged properties have been fraudulently sold to the family members of the board members.

Meanwhile, one of the staff members attempted suicide by consuming tablets in the office.

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.

The depositors collected the signatures from the victims and submitted complaints to the Udupi Town police station and the consumer court about the fraud by the society.

When contacted, police acknowledge the receipt of a complaint, but added that no case has been registered so far.

“I intended to withdraw the Rs 18 lakhs of my deposits for house construction. But now they (the cooperative society) are reluctant to return my money. We demand justice,” said Pushpa, one of the depositors.

I lost my job during COVID. I had deposited the money received at the time here (The cooperative society). When I asked to withdraw they are delaying it without proper explanation,” said another depositor Shrinivas Prabhu.