<p>The Basaveshwaranagar police investigating the alleged cheating case filed against Kanva Souharda Cooperative Credit Ltd have written to the Cooperative Societies Department seeking information about the firm and its functioning.</p>.<p>On Friday, the Bengaluru police arrested the chairman and managing director of the Kanva Group of Companies, N Nanjundaiah, after three investors of the society accused him of not returning their investments. On Saturday, 17 more investors approached the police and filed a case against the MD.</p>.<p>A senior police officer said, “It is said that the society has been functioning since 2005. The complainants have given details and furnished documents about fixed deposits, bonds issued and others. We are verifying those documents.”</p>.<p>The officer said that they have also written to the Cooperative Societies Department seeking information whether the society is functioning in accordance with rules.</p>.<p>The police will also write to the Reserve Bank of India (RBI) on the issue.</p>.<p>To carry out further investigations, the police are seeking the custody of suspect Nanjundaiah for further investigation. Police sources also hinted that after the IMA scam came to light recently, many investors panicked and approached the society seeking return of their investments.</p>
<p>The Basaveshwaranagar police investigating the alleged cheating case filed against Kanva Souharda Cooperative Credit Ltd have written to the Cooperative Societies Department seeking information about the firm and its functioning.</p>.<p>On Friday, the Bengaluru police arrested the chairman and managing director of the Kanva Group of Companies, N Nanjundaiah, after three investors of the society accused him of not returning their investments. On Saturday, 17 more investors approached the police and filed a case against the MD.</p>.<p>A senior police officer said, “It is said that the society has been functioning since 2005. The complainants have given details and furnished documents about fixed deposits, bonds issued and others. We are verifying those documents.”</p>.<p>The officer said that they have also written to the Cooperative Societies Department seeking information whether the society is functioning in accordance with rules.</p>.<p>The police will also write to the Reserve Bank of India (RBI) on the issue.</p>.<p>To carry out further investigations, the police are seeking the custody of suspect Nanjundaiah for further investigation. Police sources also hinted that after the IMA scam came to light recently, many investors panicked and approached the society seeking return of their investments.</p>
