Fraud in Kamalakshi Society, President Arrested, Sent to JC till Jan 11

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Fraud in Kamalakshi Society, President Arrested, Sent to JC till Jan 11

Udupi: The CEN Police have arrested the president of Udupi Kamalakshi Multipurpose Co-operative Society B V Lakshminaryana Upadhyaya from Matapadi near Brahmavar here, on December 28 night.

It is alleged that Hundreds of Crores of Rupees have been disbursed to the tenants illegally in return for high interest. He had extorted crores of Rupees from several people including retired government employees and several Maths of Udupi by offering them a high-interest rate. But Upadhyaya failed to return the interest or capital money.

The depositors had complained to the Udupi CEN police station. The police arrested Laxminarayana from Matapadi near Brahmavar.

On December 29, Upadhyaya was produced before the court and sent to judicial custody till January 11.


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