Depositors take out march to BDS office in Wayanad

KALPETTAA: Depositors of defunct BDS in Wayanad march, stage dharna to demand repayment of ₹68 crore deposits. CPI(M)-controlled entity mismanaged funds, leaving 600 depositors in a fix. Interest payments stopped in July, depositors unable to withdraw money. Committee to intensify agitation if demands not met.

A group of depositors under the aegis of Brahmagiri Victims Action Committee, a platform for depositors of the now defunct Brahmagiri Development Society (BDS) in Wayanad, took out a march and staged a dharna in front of the office of the society at Pathirippalam on Tuesday raising a slew of demands, including repayment of their deposits.

Speaking after inaugurating the march, M.R. Mangalan, secretary of the committee, said close to 600 depositors, including farmers, retired persons, Kudumbashree units, and even daily wage workers had invested their hard-earned money in BDS.

But the CPI(M)-controlled agrarian cooperative entity had plunged into a financial abyss owing to mismanagement, putting the depositors and hundreds of other stakeholders in a fix, Mr. Mangalan said.

BDS had collected over ₹68 crore from depositors. Most of the depositors had invested ₹1 lakh to ₹1 crore after the society offered an interest rate of 9% to 10.5%. Though the society had paid the monthly interest till July-end, it was stopped after that, and the depositors could not withdraw money to meet their emergency needs, Mr. Mathew said.

If the society failed to repay the deposits, the committee would intensify agitation in the coming days, he added.