Daijiworld Media Network – Beltangady
Beltangady, Mar 17: The Crime Investigation Department (CID) has officially commenced its investigation into the alleged Rs 40 crore fraud at Sri Rama Credit Co-operative Society (R), where depositors were reportedly cheated of their savings.
A CID team from Bengaluru arrived at the society’s premises on Tuesday, March 17 morning to take over the case files and begin the probe.
Case details
The Sri Rama Credit Co-operative Society, which has been operating its single branch at Ramanagara on Junior College Road for 25 years, came under scrutiny after allegations surfaced that the management had failed to return deposits amounting to approximately Rs 40 crore. Following this, a group of 13 depositors, including Beltangady resident Dayananda Nayak, filed a complaint against 14 individuals associated with the society on May 22, 2025.
Based on the complaint, a case was registered at the Beltangady police station on May 23, 2025, under Section 9 of the Karnataka Protection of Interest of Depositors (KPID) Act, 2004. The investigation was initially handled by the Beltangady police before being transferred to the Mangaluru CEN police station. Considering the scale of the fraud, the Dakshina Kannada superintendent of police recommended a CID probe.
The case has been registered against 14 individuals who held responsible positions in the society between 2021 and 2024. The accused include CEO Chandrakant, president Prabhakar C H, vice president Sadananda M Ujire, and directors Vishwanath R Nayak, Pramod R Nayak, Vishwanath, Jagannath P, Ratnakar, Suma Dinesh Ujire, Nayana Shivaprasad, Mohan Das K, and Kishore Kumar Laila. Bank staff members Saritha S and Vinod Kumar C H have also been named in the FIR.
The 13 victims who initially approached the police are Dayananda Nayak, Nidhish D Nayak, Shraddha B, Malini T Rao, Tukaram Rao, Akshaya T Rao, Akshata Rao, Chaitra Bhat, Maitri Bhat, Swati Bhat, Nandakumar, B Ganesh Bhat, and Vidya Bhat.
An official CID team led by inspector Harish has now taken charge of the investigation to trace the diverted funds and verify the society's financial records.