Daijiworld Media Network – Udupi (SS)
Udupi, Dec 29: Udupi CEN police have arrested B V Laxminarayana, chairman of the Kamalakshi Cooperative Society on charges of siphoning of crores of rupees. He is now being taken for further interrogation.
The police took him into custody at Matapadi near Brahmavar, police sources said. A case of cheating has been registered.
Laxminarayana was later sent to judicial custody till January 11, 2023 by the Udupi JMFC court. A bail petition is also already submitted by Laxminarayana of which hearing will be held on January 2, 2023.
Speaking to media Mitrakumar Shetty, lawyer of Laxminarayana said, “Due to the Covid Laxminarayana faced financial distress. A large amount of loan recovery is also pending. Due to the non-recovery of loan amount, the cooperative society is facing problems. Customers need not worry about their money. Everyone’s money is safe, Laxminarayana has also said that he is ready to give the money back to the customers by selling his own properties if required.”
It may be recalled, the victims and customers of Kamalakshi multipurpose cooperative society here, gheraoed the office of the society on December 19, which is accused of cheating its customers of more than Rs 100 crore. It is said that the cooperative society has collected more than Rs 100 crore deposits from customers and invested the same in various places.