Parmesh S Jain
The Kempegowdanagar police on Tuesday arrested five including Director of a co-operative society for allegedly cheating its customers and committing irregularities to the tune of Rs.40 crore .
Based on the two cases filed in August this year, the police arrested BL Srinivas,64,former director of Kuruhinashetty, souharda credit co-operative society,former Vice President,Ishwarappa,B,71, along with others who had borrowed crores of rupees loan and cheated the customers to the tune of Rs.90 crores .
Investigations by the police revealed that the directors and other members of the co-operative limited,has committed the irregularities since the inception in 2011.
The accused would grant loan to their friends and family members without following due diligence.
Many people have borrowed repeated loans on the same collatoral surety which is gross violations.
The accused members of the co-operative bank have even entered an agreement with the head of the chit fund illegally and granted him loan worth crores of rupees without following the procedure and incurred huge loss to the bank due to non repayment of loans.
The accused even refused to pay the deposits to their customers even after maturity of the deposit terms.
When the customers protested and filed a complaint, the accused resigned from the post to escape .
The police are now on the lookout for the other accused involved in the large scale irregularities .
Along with the accused,the police also arrested BT Mohan,75,chairman of Surabhi chit funds limited, from his residence in BTM Layout .
A case under The Banning of Unregulated Deposit Schemes,Act-2019.& Sec.of 9 The Karnataka Protection of Interest of Depositors in
Financial Establishments Act.
Finally Bengaluru Police Commissioner,CH Pratap Reddy,has appreciated Addl CP West,Sandeep Patil, DCP South,P Krishnakant,ACP,BL Srinivas,PI, Rakshit AK,and his whole team for the exemplary and excellent work done by them in nabbing the five persons who has Misused the funds of customers and commited irregularities to the tune of Crores a suitable reward will be given to whole team he added
