Media Release

Udupi, Sep 5: Following a notification from the Karnataka government's revenue department, all movable and immovable assets of the Kamalakshi Multi-Purpose Cooperative Society in Udupi have been seized. Representatives of the victims, Prashanth Kamath, Ramesh Prabhu, and social activist Srinivas Prabhu, have submitted an appeal to U T Khader, Speaker of the Karnataka Legislative Assembly, requesting prompt action from the government.

The appeal urges authorities and government-appointed evaluators to collaborate with the victims to swiftly assess the market value of the seized assets. It calls for victims to receive compensation immediately following the court's ruling.

In December 2022, the Kamalakshi Multi-Purpose Cooperative Society was implicated in a large-scale financial fraud, one of the biggest in Udupi's cooperative sector. The society failed to return matured deposits to customers, causing significant financial losses. After depositors filed complaints, a charge sheet was submitted to the court.

With the help of U T Khader, the Governor of Karnataka ordered the seizure of the society’s assets. Social activist Srinivas Prabhu noted in a press release that Khader has assured continued support for the victims, pledging to ensure they receive the compensation owed.