Mangaluru: A major financial fraud has surfaced in Shaktinagar, involving the manager of the Vyavasaya Seva Sahakari Sangha. The manager allegedly exploited his position to unlawfully divert 6.5 kg of gold ornaments pledged by customers, using them to secure a hefty loan of ₹3.5 crore from another cooperative society.
The accused has been identified as Preethesh, who managed the cooperative at the time of the incident. Alongside him, a man named Sheikh Mohammad was arrested for aiding in the deceit. Authorities are actively searching for two additional suspects linked to the scheme.
Investigations reveal that Preethesh illicitly accessed the locker containing customer-deposited gold. He then, with the help of his associates, pledged the same jewelry at a different society in Shaktinagar and obtained a loan of ₹3.25 crore.
As suspicions grew within the cooperative, Preethesh reportedly fled first to Bengaluru and later escaped overseas. Once customers uncovered the fraud and began demanding accountability, a formal complaint was registered on June 17. In response, law enforcement issued a look-out circular for the fugitive.
In a surprising turn, Preethesh recently returned from abroad and surrendered through his legal representative. Kankanady Town Police, who have taken up the case, are expected to take him into custody for detailed questioning.
In a further twist, the accused had replaced the original gold with 3.5 kg of imitation ornaments, crafted to resemble the real ones. These counterfeit items were recovered from Sheikh Mohammad during the investigation.