Daijiworld Media Network – Beltangady

Beltangady, May 24: A case has been registered against Shree Rama Credit Co-operative Society here for allegedly defrauding customers of around Rs 40 crore in deposits.

The society, operating for over 25 years from V R Nayak Compound on Junior College Road in Beltangady town, is accused of failing to return deposit amounts to its customers. The Beltangady police registered an FIR on Friday based on complaints of cheating filed by 13 affected depositors, including Dayananda Nayak of Beltangady.

Last year, several depositors collectively gathered documents and submitted complaints to the deputy commissioner, superintendent of police, the co-operative society department, and various consumer forums. The DC’s office later forwarded the matter to the SP, recommending a police investigation. Acting on the direction, Beltangady police have now registered a case.

The FIR names 14 individuals associated with the society, including CEO Chandrakant (from 2021 to 2024), president Prabhakar C H, vice president Sadananda M Ujire, directors Vishwanath R Nayak, Pramod R Nayak, Vishwanath, Jagannath P, Ratnakar, Suma Dinesh Ujire, Nayani Shivaprasad, Mohan Das K, Kishore Kumar Layil, and staff members Sarita S and Vinod Kumar C H.

Although only 13 people have formally filed complaints so far, it is estimated that over 200 depositors may have been affected. Many are reportedly hesitant to come forward, according to complainant Dayananda Nayak.

Given the magnitude of the alleged scam, estimated at Rs 40 crore, sources indicate that the investigation may soon be handed over to the Criminal Investigation Department (CID).