Co-op bank president swindles investors out of crores of rupees

Co-op bank president swindles investors out of crores of rupees

The police are on the lookout for A N Kumar, president of Sree Shakti Souhrada Co-operative Ltd, Malleswaram, who has allegedly cheated investors, most of them senior citizens, of at least Rs 18 crore.

As on Friday, 48 people have lodged complaints with the Malleswaram police against the suspect.

Kumar, a resident of Malleswaram, also owns Kumar Logistics, Kumar Ambulance and several other ventures.

According to the police, around 10 days ago, Kumar’s wife lodged a complaint with the Malleswaram police that her husband had gone missing. Even as the police launched an investigation, some people lodged complaints against a person named Kumar that he had cheated them of crores of rupees.

It is said Kumar was running the co-operative, which has many branches in the City, for the past eight years. He had asked people to invest in the bank, headquartered at 7th Cross in Malleswaram, and lured customers with the promise of 15 to 16 per cent interest for their deposits, the police said.

A senior police officer said, “We came to know of the scam only after a few people approached us. Currently, 48 people, who have invested in the bank, have approached the police. Huge money is involved and the exact number of investors is yet to be investigated. It seems that a majority of the investors are senior citizens and retired employees.”

He said the police were trying to trace him. “Kumar uses more than three mobile phones and all of them are switched off. Some vital clues have been gathered about his whereabouts and the police are on his trail. More intrinsic details cannot be revealed as it may hamper the investigation. He may be arrested in a few days,” he added.

Sandip Patil, DCP (North), said Kumar’s ambulance company provided services to some well-known hospitals in the City. “All his bank accounts are frozen. We are keeping a watch on his other establishments, including several branches of the co-operative bank in the City,” he said.