Entrepreneurs’ Co-op accused of cheating depositors ; chairman in police custody

Mangalore Today News Network

Mangalore, May 16, 2013: Police have taken into custody one Padmanabha Rai, President of the Entrepreneurs Multi-Purpose Cooperative Society Ltd at  State Bank here on  May 16,Thursday and sealed the office after depositors complained that the bank was cheating them by  not returning their deposits.

 

Earlier, several depositors mainly fish vendors and daily wagers who had deposited their hard earned money with the bank through its pigmy collector,  gathered at the office and demanded their money back, Even CPIM and DYFI leaders joined them in the protest held under the leadership of one Shambhavi, a pigmy collector of the Bank.

According to Shambavi, one of the four to five pigmy collectors she had collected as much as Rs 9.5 lakh from 140 depositors and had deposited it with the Bank.

Once earlier when the depositors who needed their money back in view of school admission time, the Bank had given in writing that it would return by April 15. However, when the bank did not return the deposits even a month later, the depositors decided to go in for protest.

A case has been registered in Pandeshwar police station and investigations are under progress.