Udupi: Hundreds of crores of rupees have been disbursed to depositors in return to high interest. The Udupi CEN Branch Police has sealed Kamalakshi Vividdodesha Co-operative Society in the City in connection with a cheating case.
Kamalakshi Society has promised 10 per cent to 12 per cent of interest to the general public. Around 700 people were duped of Rs. 40-50 Crore. The money was invested and the depositors were given interest for a year. Since June 2022, the office has been closed and interest to investors has not been offered.
The property belonging to Kamalakshi Society and the accused will be attached and submitted to the court. Action will be taken to dispose of these assets as per rules and provide compensation to the investors. Superintendent of Police Hakay Akshay Machindra said that if the depositors who have invested in the society so far have not informed the CEN Police Station, they should inform immediately.
