The CEO of Kautilya Credit Cooperative Society Limited filed a police complaint against 10 members of the co-op, accusing them of defaulting on loan payments.
S Vishwanath, 54, filed the complaint with CK Acchukattu police on January 13 naming Raghavendra K, Ramanna H K, Ravi, Shivaram H K, Dayananda T, Mudalagiri H T, Muniyappa, Venkateshmurthy V, Satish K and Deep Kumar.
The society's offices are located on 100 Feet Road in Banashankari 3rd Stage, 5th Block.
Vishwanath stated that many members had deposited their money while a few had taken loans by promising to return the amount with interest.
The society collects money from borrowers and pay the interest to depositors.
The accused persons neither repaid the loan nor paid the interest on it. They allegedly changed their residential addresses often and didn't respond to notices. They also threatened the society's office-bearers when asked to pay the EMIs. The loans were sanctioned to the accused about five years ago.
Police have taken up a case of cheating and are investigating. An officer said they would serve notices on the accused. If they don't respond or repay the loans, necessary action will be taken.
(Published 17 January 2023, 19:35 IST)
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