Defrauding investors of ₹100 crore, co-operative society’s president arrested by Udupi police
The Hindu
A large number of depositors assembled outside the society’s office in Udupi recently following stoppage of payment of interest on the deposits since June, 2022
The Udupi police have arrested President of Udupi’s Kamalakshi Multipurpose Cooperative Society, B.V. Lakshminarayana, on charges of not returning to depositors money to a tune of ₹100 crore.
The police on Thursday, December 29, produced Mr. Lakshminarayana before the Principal Civil Judge and JMFC court, which remanded him to judicial custody till January 11. The court posted for hearing on Mr. Lakshminarayana’s bail application to January 2.
A large number of depositors assembled outside the society’s office in Udupi recently following stoppage of payment of interest on the deposits since June, 2022. A complaint was filed by a depositor accusing the President of defrauding him and other depositors as the society has failed in returning them deposit amount. Lakshminarayana was reportedly at-large.
The Udupi’s Cyber Economic and Narcotic Crime Police arrested Lakshminarayana from a house in Matapady near Brahmavara on Tuesday, December 27.
Mithrakumar Shetty, the advocate of B.V. Lakshminarayana, told reporters that his client could not pay interest to depositors as society had suffered setback in loan recovery. Mr. Lakshminarayana will return money of the depositors shortly, he said.
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