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Udupi: Financial scam – Cooperative society chief goes missing, victims gherao office

  •   Mon, Dec 19 2022 02:19:44 PM

Daijiworld Media Network – Udupi (MS)

Udupi, Dec 19: The victims and customers of Kamalakshi multipurpose cooperative society here, gheraoed the office of the society, which is accused of cheating its customers of more than Rs 100 crore.

The victims took to task the employees working in the society on Monday December 19. Chief of the society B V Laxminarayana has gone missing.

It is said that the cooperative society has collected more than Rs 100 crore deposits from customers and invested the same in various places.

The victims are running around to retrieve their money. The society has not paid any interest to its consumers since a month.

There are also rumours that some Maths of the town have also kept their money in deposits of the society. Udupi city police rushed to the office of the society to control the situation.

 

 

 
  

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Comment on this article

  • Chandu, Karla

    Tue, Dec 20 2022

    Looks like DK and Udupi districts are now directly competing with Gujarat and Marwari style of financial management. Lagao topi....!!!!

    DisAgree [1] Agree [3] Reply Report Abuse

  • Observer, Mangalore

    Tue, Dec 20 2022

    Area is surrounded with community believed to be the most educated in twin districts couldn't spare from getting fool...

    DisAgree [2] Agree [4] Reply Report Abuse

  • bitta, Mangalapuram

    Tue, Dec 20 2022

    But my vote is only gujjus and gujju model of development

    DisAgree [1] Agree [4] Reply Report Abuse

  • Rita, Germany

    Tue, Dec 20 2022

    Shocking.Now find the man who has taken everything with and must have fled like Mallya in foreign to invest.?Poor people have to start again with hand in mouth.

    DisAgree [1] Agree [2] Reply Report Abuse

  • mohan prabhu, mangalore/canada

    Mon, Dec 19 2022

    Universal law: good money chases bad money, and that is the reason for dpositors to get rich..

    DisAgree [4] Agree [3] Reply Report Abuse

  • Sameer, Riyadh

    Mon, Dec 19 2022

    Genji la ijji...Genjig padna kai la ijji ;) ;) ;)

    DisAgree [1] Agree [7] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Mon, Dec 19 2022

    100 crores is a big amount; I wonder which agency like RBI is regulating such small cooperative societies and banks which operate with impunity among the not so educated and downtrodden people of this country; reminds me of Pune Maharashtra bank in which so many people lost their entire lifetime savings, many perished; same is getting repeated every other day; looks like we are e mm emulating Somalia and Nigeria!!

    DisAgree [1] Agree [21] Reply Report Abuse

  • ca girishkk, valencia/m'lore

    Mon, Dec 19 2022

    Something is seriously wrong...!!!! Hard to believe ...., In an otherwise educated & economically empowered city... why people got themselves fooled...!!!!

    DisAgree [8] Agree [25] Reply Report Abuse

  • Abdul azeez, Mangalore

    Mon, Dec 19 2022

    Extreme greed of earning profit without any loss or effort Fear to invest in market & put their sweat on it Elders Fear that their children will finish their hard earned wealth

    DisAgree [2] Agree [6] Reply Report Abuse

  • mfayzs, Kankanady

    Mon, Dec 19 2022

    Largest banks and bank holding companies by market cap 1. HDFC Bank $128.06 B 2. ICICI Bank $76.34 B 3. State Bank of India $66.28 B 4. Housing Development Finance Corporation $59.83 B 5. Life Insurance Corporation of India $56.22 B 6. Bajaj Finance $48.98 B 7. Kotak Mahindra Bank $44.64 B 8. Axis Bank $35.03 B 9. Bajaj Finserv $31.20 B 10. SBI Life Insurance $15.35 B 11. HDFC Life $15.20 B 12. IndusInd Bank $11.47 B 13. Bank of Baroda $11.41 B 14. SBI Card $9.11 B 15. ICICI Prulife $7.87 B 16. Indian Overseas Bank $7.52 B 17. Punjab National Bank $7.46 B 18. Yes Bank $7.44 B 19. IDBI Bank $7.44 B 20. ICICI Lombard $7.41 B 21. Union Bank of India $7.03 B 22. Canara Bank $6.97 B

    DisAgree [4] Agree [4] Reply Report Abuse

  • Sameer, Riyadh

    Mon, Dec 19 2022

    It is not the market share, but the NPA and audit report based on which you decide if you want to save with a certain bank. Most of the banks such as BOB, PNB, IDBI, YES BANK etc are all tainted which had Frauds resulting in NPA's. Today itself Yes bank transferred the NPA's to the tune of 5.81 billion dollar. Someone rightly mentioned what is the liability of a PSB if it fails. If I am not mistaken it is to the tune of 1 lakh and max 5 lakhs. Remaining amount ask Modiji ;) ;) ;)

    DisAgree [4] Agree [11] Reply Report Abuse

  • Sma, Bengaluru

    Mon, Dec 19 2022

    What are you trying to say ??????

    DisAgree [2] Agree [4] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Mon, Dec 19 2022

    100 crores is a big amount; I wonder which agency like RBI is regulating such small cooperative societies and banks which operate with impunity among the not so educated and downtrodden people of this country; reminds me of Pune Maharashtra bank in which so many people lost their entire lifetime savings, many perished; same is getting repeated every other day; looks like we are e mm emulating Somalia and Nigeria!!

    DisAgree Agree [2] Reply Report Abuse

  • ca girishkk, valencia/m'lore

    Mon, Dec 19 2022

    Something would have went seriously wrong...., How can this happen in a Temple Town UDUPI known for noble people..., may be 2014 virus spreading every where..., Where is Local MLA...???? Most of the depositors look like senior citizens.., Is there any flagging about vulnerability by the Auditors (Co-operative society auditors or its external Auditors)..., It is even strange to know that Shri Krishna Mutt also kept its funds in this society as deposits....!!!!! Are they allowed...?????, Hope that the local MLA may settle the matter amicably...,

    DisAgree [8] Agree [8] Reply Report Abuse

  • vishwadeepak, mangalore/dxb

    Mon, Dec 19 2022

    DK and Udupi is full of .....oodi oodi marulada koochu battas !

    DisAgree [6] Agree [41] Reply Report Abuse

  • Cynthia, Dk

    Mon, Dec 19 2022

    Not ಊಡಿ ಊಡಿ.... it's ಓದಿ ....ಓದಿ......ಕೋಚು ಭಟ್ಟ.....Learn kannada from me Vishu

    DisAgree [1] Agree [7] Reply Report Abuse

  • Vishwadeepak, Mangalore/dxb

    Mon, Dec 19 2022

    Korle kai..tuition g barpe kinnigoli g..

    DisAgree [1] Agree [4] Reply Report Abuse

  • Shivraj, Mangalore

    Mon, Dec 19 2022

    While understanding that small interest rates can make a difference for monthly expenses.. safety of the initial capital is also important .. So should exercise extreme caution ... Better keep money in banks like state bank of India etc .. All is hard earned money so cannot allow unscrupulous persons to embezzle... Surely all audit checks have failed .. regulators etc ..generally involves powerful politicians .. hand in glove ...

    DisAgree [3] Agree [17] Reply Report Abuse

  • Mukhtaar, Suratkal

    Mon, Dec 19 2022

    No Muslims never booze it's against our religion. It's western culture.

    DisAgree [36] Agree [14] Reply Report Abuse

  • C. V. Lobo, Mangalore

    Mon, Dec 19 2022

    Dear Mukhtaar, No Offense, you can speak about yourself, but can not claim same about entire community. I have lots of friends from your community over 3 decades, who consume liquor and enjoy pork delicacies on regular basis!

    DisAgree [7] Agree [45] Reply Report Abuse

  • Mangalorean, Mangaluru

    Tue, Dec 20 2022

    What about IMA Bengaluru scam. Don't link religion to fraud. Cheaters are cheaters only.

    DisAgree [1] Agree [1] Reply Report Abuse

  • Sameer, Riyadh

    Mon, Dec 19 2022

    If I am not mistaken this fraud of co-operative banks began from Gujarat and one 'Tadipar' was accused. Chalo...aur thode andh bhakton ko 'chuna' lag gaya.

    DisAgree [23] Agree [45] Reply Report Abuse

  • Anil, Mangalore

    Mon, Dec 19 2022

    Dear Indians, These are the results of no teaching ethics in school. USA is developed because people value Ethics more than anything.

    DisAgree [13] Agree [33] Reply Report Abuse

  • Shankara, Udupi

    Tue, Dec 20 2022

    USA values ethics ? What are u smoking ? If u said UAE ,Russia ,Cannada I would have agreed USA is worst country with 0 ethics They invaded Iraq for gold n oil lied to people , concept of incest , infidelity , raping own daughter came from that country they have no ethics they nuked japan , they even conducted radio active tests on their own people killing many mothers and their child . Dont speak ill of our country if you dont know the value . In USA even men are not safe to walk in streets .

    DisAgree [1] Agree [4] Reply Report Abuse

  • Kedhar, Mangaluru

    Mon, Dec 19 2022

    Fervently hope it is not like another IMA Bengaluru scam where the poorest of poor of a particular minority community were targeted. All bigwigs were involved. Wonder what has happened to the poor? Here also looks like gone case. Blame it on Greed.

    DisAgree [9] Agree [24] Reply Report Abuse

  • Pavan, Mlr

    Mon, Dec 19 2022

    ABG SHIPYARD SCAM ...CHIR GUJJU LOOTED 28000 CR...NOW ENJOYING LIFE IN SINGAPORE THANKS TO BJPEE 😆

    DisAgree [13] Agree [23] Reply Report Abuse

  • Sameer, Riyadh

    Mon, Dec 19 2022

    ABG Shipyard main accused has bought BJP election bonds. So he is exempted ;) ;) ;). 100 crores gaya samjho. 22000 crore ka kuch nahi hua...100 crores is peanuts. Signs of increasing 'panganama'. Why is that lady beating the staff? She is not the one who asked you to deposit. Removing anger on an innocent staff.

    DisAgree [6] Agree [19] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Mon, Dec 19 2022

    What about Bharti Shipyard and Siddhivinayak logistics and Yes Bank and DHFL and the list is endless........... mostly originating from the Model State!!

    DisAgree [3] Agree [14] Reply Report Abuse

  • Aam Aadmi, Ihaloka

    Mon, Dec 19 2022

    Not only co-operative, even private & nationalised banks are not safe for public money. They are surviving only charging customers different charges like minimum balance charges, atm charges, cheque book charges, sms charges etc etc. Plus GST on that to government. They give peanuts on SB & FD as interest. Due to high inflation effectively you are loosing by keeping your money in banks. Look at double digit inflation and low single digit bank interest. Even government allowed window dressing profit figures of these banks by allowing them to transfer all bad loans to Bad Bank of India in the guise of reconstruction of bad loans. All filth is transferred to bad banks and banks are shown as making huge profits. In reality most of them are doomed with bad loans. They are surviving only by looting customer money in the guise of different charges in connivance with government. Look at your few year old bank passbooks. No bank charges. Only interest is credited. Now interest is peanuts. But charges swallow all your money. Again, your money is insured only for 5 lakhs including accrued interest if any. 5 lakh limit is for all your bank accounts together at the same branch and other branches of same bank put together. Even in joint accounts 5 lakh limit is for 1st named account holder only. Rest will get tenga only. Be careful with your money with banks. Government will only ask you to keep money in banks. If banks go bust they just ignore you. Remember some time back doomed Maharashtra bank. depositors still waiting for their money.

    DisAgree [5] Agree [36] Reply Report Abuse

  • Dr Kusuma Kumari Gunji MBBS DGO, Nellore Kodyadka

    Mon, Dec 19 2022

    When we have so many government recognized banks why should people deposit their cash in such societies? We need to be very careful when depositing money. Whenever the interest rate is high we must always suspect the financial dealing of the institution this is the way to move forward I feel

    DisAgree [5] Agree [22] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Mon, Dec 19 2022

    Do you know the liability of a PSU bank towards a customer, irrespective of your money with the bank, in case the bank goes phut??

    DisAgree [3] Agree [3] Reply Report Abuse

  • robert, bangalore

    Mon, Dec 19 2022

    audit dept to check everthing there ..

    DisAgree [3] Agree [10] Reply Report Abuse

  • Jossey saldanha, Raheja Waterfront

    Mon, Dec 19 2022

    Why only after 2014 ...

    DisAgree [18] Agree [25] Reply Report Abuse

  • Pavan, Mlr

    Mon, Dec 19 2022

    Fake gujju model looting banks Thanks to Chor fake gujju businessmen...People have adopted this fake gujju model in karnataka also thanks to modiji 😂😆

    DisAgree [7] Agree [23] Reply Report Abuse

  • Abdul Rafic, Uchila / Udupi

    Mon, Dec 19 2022

    There are many Banks around Udupi and why this people keeping their money in this kind of society? Even banks are not reliable now a days and how can we trust this societies? Better to buy the shares or mutual funds instead of keeping FD in the banks or Societies.

    DisAgree [5] Agree [24] Reply Report Abuse

  • Stephen Menezes, Bangalore/Dubai

    Mon, Dec 19 2022

    I don't agree with you fully, let me explain: 1. Shares is a tricky investment and requires lot of research and people must have reasonable knowledge, else it will be a bottomless pit. 2. Mutual Funds is a better solution, since it is handled by experts and funds are invested into wide range of shares, bonds etc, returns are better than FD 3. FD in nationalized banks is the safest bet and now average interest rates are upwards of 7%, Govt will not allow banks to fail. 4. FD in private banks (HDFC, ICICI, Axis, IndusInd etc) is safe as these are regulated and financially very sound 5. Co-operative banks/societies give higher interest than Banks and people naturally opt for higher returns, specially less educated people who do not know the difference between banks and co-operatives. Govt should widely publicize in all media in all languages the pros and cons of deposits with co-operatives, so that people become aware and then make an informed decision.

    DisAgree Agree [29] Reply Report Abuse

  • prakash, Manipal

    Mon, Dec 19 2022

    This is only tip of the ice berg... As days roll several other shutters will roll... Mushrooming of cooperatives is a major concern... So called most intelligent people are most greedy... They will risk all their life savings for a percent more interest... Now the money is almost irrecoverable...

    DisAgree [1] Agree [29] Reply Report Abuse

  • real kujuma, kodial

    Mon, Dec 19 2022

    pathetic situation of society....after 2014 all golmaal...still andh bhakts are happy....Jai ho

    DisAgree [35] Agree [57] Reply Report Abuse


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