Kamalakshi Co-op Society fraud case : Arrested chairman sent to 5 days police custody

Mangalore Today News Network

Udupi, Jan 03, 2023: B V Laxminarayana Upadhyaya (63), the Chairman of Kamalakshi Multi-Purpose Co-operative Society of Udupi who has been arrested on the charges of cheating hundreds of depositors of the Society to the tune of crores of rupees, has been entrusted to five days of police custody.

The accused hails from Indrali. The Society that was started in 2013 had managed to attract many depositors by offering interest ranging from 10% to 12%.

Recently, many depositors had even staged a protest in the Society office demanding refund of their deposits,.

A person named Prakash Kamath of Karkala had lodged a complaint at the CEN police station on December 21 against Upadhyaya alleging that he had not paid the interest to the depositors and had closed the office.

With regard to this  case, the police have taken Upadhayaya to five days of custody after producing him before the court on Monday.