Mangalore: Cooperative Society accused of cheating 140 depositors

Pics: Ramesh Pandith
Daijiworld Media Network - Mangalore (VM)

Mangalore, May 16: Chaos broke out at the office of Entrepreneurs Multi-purpose Cooperative Society Ltd, State Bank here on Thursday May 16, after depositors claimed that they had been cheated by the Society.

The cooperative society has about four to five pigmy collectors, among whom one is Shambhavi, who has 140 depositors under her.

It is said that the depositors, most of them fish vendors and daily wagers from Bunder, Hampankatta and other areas, had given their hard-earned money to be deposited in the cooperative through Shambhavi. As many as 140 persons deposited around 9.5 lac with her. Shambhavi deposited the money in the cooperative.

A few months ago, the depositors requested cooperative to return their money as they were going through a lean period and had to pay for their children's education and other needs. However, the bank refused stating various reasons.

After waiting a while and getting no positive reponse, the depositors approached Shambhavi, who in turn asked the bank to return their money. Again, the bank gave various reasons and said that it has not enough money to pay them back. However, the bank assured in writing that it would repay the money by April 15.

But more than a month after the deadline passed, the bank has not paid the depositors their money. On Thursday, the people led by Shambhavi approached the bank's branch at State Bank and demanded their money again and raised a protest. The head office of the bank is at Pumpwell.

DYFI and CPM leaders also were approached by the depositors, and they too joined in the protest.

Pandeshwar police arrived at the spot and took the cooperative bank's president Padmanabha Rai into custody for questioning. The office was also sealed.

A case has been registered in Pandeshwar police station and investigation is on.