Daijiworld Media Network – Udupi (JD)

Udupi, Nov 8: Mahalakshmi Co-operative Bank is open to any form of investigation concerning the allegations made against it, stated Udupi MLA and bank chairman, Yashpal Suvarna.

Suvarna claimed that fabricated documents are being continuously produced and false information is being spread through the media to damage the bank's reputation. In response, the bank’s management has already taken legal action, filing a complaint with the district police superintendent and demanding strict measures.

He further alleged that those making accusations against the bank are defaulted borrowers who had taken loans but failed to repay. The Co-operative Court has ordered them to settle their dues, and if they fail to comply, their properties may be seized.

Suvarna suggested that the baseless allegations are driven by personal vendettas against the bank’s growth and are an attempt to tarnish its reputation. He announced that the bank will hold a press conference on Saturday, where all relevant documents and information will be disclosed.

Mahalakshmi Bank reportedly conducts its banking operations transparently, adhering to both co-operative department and RBI guidelines. Suvarna stated that the bank is prepared for any high-level inquiry, whether by the state co-operative department, ED, or CBI. He assured that the bank will address these baseless accusations through appropriate legal channels.