Udupi: Hundreds of crores of rupees have been disbursed to the tenants illegally in return for high interest, it is alleged and Udupi Kamalakshi Multipurpose Co-operative Society President B. V. Lakshmi Narayana Upadhyaya was arrested by the Udupi CEN Police Station on Wednesday December 28.
The accused, Lakshminarayana, had extorted crores of rupees from several people by offering them high interest rates. He had collected and cheated without returning it.
Several depositors had lodged a complaint with the Udupi CEN Police Station in this regard. It is learnt that the accused Lakshminarayana was arrested from Matapadi in Brahmavar.
