Multi-Purpose Co-operative Society Cheats Crores of Rupees to Depositors in Udupi

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Multi-Purpose Co-operative Society Cheats Crores of Rupees to Depositors in Udupi

Udupi: In yet another case of misappropriation of funds by a cooperative institution, around Rs 100 crore have been allegedly cheated to the depositors in Udupi. The Chief of the Kamalaxi Multi-Purpose Co-operative Society, B V Laxminarayan is now absconding. The depositors staged a protest in front of the society on Monday, December 19.

The depositors allege that the board members and staff of the cooperative institution did not return their deposits. The society board members have cheated the depositors of nearly Rs 100 crore. From last June 2022, they were not giving any interest for the deposits nor returning the deposit money, they said.

It is also found that several mortgaged properties have been fraudulently sold to the family members of the board members allege the depositors.

There are rumours that some of the Maths under Sri Krishna Temple have also deposited their money in this society for higher interest.

The depositors have decided to file a complaint against the board members at the Udupi Town Police station.


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