Daijiworld Media Network – Mangaluru
Mangaluru, Dec 25: A case has been registered against 28 individuals, including the president, directors, and in-charge manager of the Samaja Seva Cooperative Society in Bantwal, following allegations of fraud involving a loan of Rs 2,11,89,800 secured using fake gold ornaments as collateral at the society’s Padil branch in Mangaluru.
Police have arrested Vivek Acharya, the society’s gold appraiser and the second accused in the case, according to Lokanath D, a former director of the society and the complainant.
Addressing a press conference at the Mangaluru Press Club on Tuesday, Lokanath revealed that the prime accused, Abubakar Siddique, a resident of Puttur Ishwaramangala, secured the loan using counterfeit gold bangles. Vivek Acharya allegedly certified the fake ornaments as genuine. He further alleged that the hefty loan was disbursed by the branch’s in-charge manager, Prashanth, under the direction of the society’s president, vice president, directors, and general manager.
The fraudulent loans were issued between November 13, 2023, and February 3, 2024. The matter came to light in the first week of February this year. Senior members of the society filed a complaint with the Mysuru Registrar on April 10, followed by complaints to the district commissioner and police superintendent on July 1.
Following the complaints, the Mysuru registrar, Dakshina Kannada in-charge minister, and the district commissioner directed the Mangaluru sub-registrar to investigate the case. However, the sub-registrar allegedly concluded the investigation and closed the case without recording the complainants’ statements. During police questioning, the accused denied the allegations and provided false statements.
A secret auction of the fake gold ornaments was reportedly conducted during this period. Out of the total loan amount, Rs 1.31 crore remains unpaid. Despite society rules permitting a maximum loan of Rs 20 lakh per day against gold ornaments, these rules were allegedly violated.
After meeting with the police commissioner and presenting details, a formal complaint was filed at the Mangaluru CEN police station.
Lokanath confirmed the arrest of Vivek Acharya, the second accused, in connection with the case.
Senior society members Sesappa T, Somayya H, Sundar B, Ramesh B, and former director Hemant Salyan were present at the press conference.