Fraud allegations: Cops seal office of Kundapura Sauharda Credit Co-op Society

Mangalore Today News Network

Kundapur, February 14, 2025: Police have sealed the office of the Kundapura Sauharda Credit Co-operative Society located in Venkataramana Arcade, Kasaba village in Kundapur after a complaint was lodged by depositors accusing the Society of not returning the deposits.

A person from Kundapur had deposited Rs 2 lakhs and Rs 5 lakhs in the names of his daughters on July 22, 2022 but the society reportedly failed to return the deposit amount on maturity.

It is learnt, the Society has not paid over Rs 7 crore to nearly 44 deposit even after the maturity period.

A case has been registered against the Society CEO Shivananda, Directors  H Mahabala, Ratnakar, Dayananda Marvin Fernandes, Saroj, Sudhakar, Gopal, Dr Dinakar Prakash Lobo, Mahesh Lakshman Kotwal, Vittal, Avinash Pinto and K Rajesh Daivajnya,

Subequently, the office of the Society has been sealed.