The Hanumanth Nagar police are investigating a cooperative society for alleged fraud after an investor claimed that he had been cheated.
Based on a complaint filed by the investor, the police have registered a case against senior executives of Nishka Vividoddesha Souharda Co-Operative Ltd. in Srinivasa Nagar. The president, vice-president, directors, and other executives have been charged for cheating, forgery, and criminal intimidation under Indian Penal Code as well as under sections of the Karnataka Protection of Interest Depositors in Financial Establishments Act.
In his complaint, the investor said he had opened FDs amounting to ₹6 lakh with the co-operative society. He alleged that citing different excuse, they refused to release the FD money even after the maturity period had ended. When he failed to get his money, he started reaching out to other investors and realised they are facing similar problems. According to sources, many account holders who had initially lodged complaints with the police withdrew them in the hope that they would get their money back.
The police have summoned the executives for questioning and sought details of investments from other account holders as well.
