Board Members of Srivaibhah Souhardha Pattina booked for allegedly cheating investors under KPID Act

Dr B Thomas (Special correspondent)

Managing Director of State Souharda Federal co-operative limited has filed a complaint with the Subramanyapura police against board members of Srivaibhava Souharda Pattina Sahakari Niyamitha for allegedly cheating investors .

Mr. Patil in his complaint said that based on the complaint from investors he had deputed district convenor,to probe the matter and submit a report .

The society has sanctioned the loans to the investors and also to the firms belonging to the members of the society without following the due diligence and security measures required to sanction the loan worth Rs. 64.6 crore between the year 2020-21.

Many of the loans have been defaulted and the society is unable to recover.

This has a cascading effect on returning the dues to the investors .

Inquiry also revealed the involvement of former directors,CEOS and board members,which needs a detailed investigation, Mr. Patil,said in his complaint.

Based on the complaint by Sharanagouda G Patil, the police on Saturday charged the accused under forgery,cheating and also under the Karnataka Protection of Interest Depositors in Financial Establishment Act and banning of unregulated deposit schemes act.