Multipurpose Co-operative society Ltd has deceived 140 depositors; DYFI Lays seizure of society

Pinterest LinkedIn Tumblr


Mangalore, May 16: Another case of scam by Entrepreneurs Multipurpose Co-operative Society Ltd, Mangalore has been reported in the city on May 16, Thursday. It has been alleged that society has failed in their commitment to return the hard earned money to the investors, which they deposited in the society through pigmy collection scheme.



Sources said 4 pigmy agents were collecting money from different investors. One of the pigmy collectors, named Shambavi collected Rs 9 lakhs from people from the Hampankatta and Bunder area and handed over the money to the above co-operative society for deposit.


It is understood most of the investors are dry fish sellers and daily wagers. As there is not much work due to off- season, investors wanted some money back to meet their financial obligations like children’s fees and other daily expenses-they asked their agent to reimburse their money back.


When Shambavi informed the matter to the concerned staff of the society about the withdrawals, the official concerned said that they will arrange to repay the deposited amount by April 15. After waiting patiently so long,the investors realized that there was no signs of getting their hard earned money back even after meeting deadline date,the investors led by DYFI laid seizure to Entrepreneurs Multipurpose co-operative Society Ltd on Thursday May 16th.


When Shambavi who was under pressure from her clients informed the matter to DYFI.Imtiyaz from DYFI said that the poor people have deposited their hard earned money in the society and now when they want their money back, the company is reluctant to pay them back.

The pigmy collector Shambavi had sent the depositors to collect their savings from EMCS office, the staff there had promised to repay their money by April 15 but now it is more than one month and the depositors have been deceived by the society and funds have been misused by the directors, he alleged,

He further alleged that there are 8 directors, managing EMCS affairs and one director Manoj Kumar is from BJP and even contested for the Civic body elections but had lost.

Imtiyaz said all the eight directors should be arrested and the police must take stringent action against all of them and ensure that all the depositors must get their hard earned money back as soon as possible, he added.

Pandeshwar police have taken the chairman Padmanabha Rai into custody. The office has been locked by the Pandeshwar police and investigation is on.

Photo source: Sathish Kapikad

Write A Comment