Kakinada: Jayalakshmi Society dupes depositors of Rs 450 crore

Kakinada: The depositors of Jayalakshmi Multipurpose Cooperative Society staged a dharna at Dharna Chowk in Kakinada on Friday, alleging embezzlement of crores of rupees belonging to them.

The Jayalakshmi Multipurpose Cooperative Society has 29 branches spread over Kakinada, Konaseema, East Godavari, West Godavari, Visakhapatnam and Vijayawada. Many retired people and small businessmen kept their hard-earned savings in this society with the hope of getting lucrative interest.

The society had collected about Rs 450 crore from the depositors in all the branches across the State in all these years.

When a few depositors approached the society officials last month to get their amount back, the society officials assured of payment in the first week of April 2022. But when the depositors went to the society on the said date, there were no officials to respond. The investors were shocked to see the society with no staff. Moreover, the society was closed for a few days.

The investors grew suspicious and the society officials unable to answer their questions had further increased their doubts. The society members complained to Kakinada District Cooperative department. Based on their complaint, Kakinada District Cooperative department officials went to the head office of Jayalakshmi Multipurpose Cooperative Society in Sarpavaram, Kakinada and checked the records. They have been auditing records for the last few days.

District Cooperative Officer (FAC) BK Durga Prasad told 'The Hans India' that as a preliminary step they checked and verified the records. He said that there are 19,000 customers and the deposits have crossed Rs 450 crore. He said Deputy Registrar and four assistant registers verified the records and there are discrepancies in their records. He informed that the society was registered in 1999 under the Cooperative Society Act.

Durga Prasad said that Vice-Chairperson RB Visakakshi and her family members as well as the directors of the society have taken loans worth Rs 130 crore violating the rules and without any security. But as per rules, they can't take loans beyond Rs 1 crore. He said the society management didn't gave some of the records the audit team sought. He said that they don't have power to seize society branches, but they can seize records. Stating that the preliminary report has been sent to the Commissioner of Cooperative Department on Friday, Durga Prasad observed that a team of special officers should be appointed to deal with the case and wanted the involvement of CBCID in the fraud perpetrated by the society.

The depositors said that out of confidence they deposited hard earned money, but the society betrayed their trust. They alleged that society chairman RSR Anjaneyulu, vice-chairman RB Visalakshi and other staff are not responding to their phone calls.

'Moreover, they even switched off their phones.' The victims appealed to the government including Collector Kritika Shukla to help them to get back their amount.