Thiruvithamcore Co-op Scam: Panel Members Booked for Duping Depositors of Crores
The Thiruvithamcore Cooperative Society's administrative panel has been booked for cheating people of crores of rupees by offering high interest on deposits. The scam has left many retired government employees, who deposited their gratuity and provident f
Thiruvithamcore Coop ScamDeposit FraudCooperative SectorBjpThiruvananthapuramReal Estate NewsAug 25, 2024
The society had offered high interest rates of 14% to 18% per lakh rupees to depositors, mostly retired government employees who had deposited their gratuity and provident fund. However, many of them stopped receiving interest in 2023, raising suspicions of misappropriation.
A total of 85 complaints have been received, and eight cases have been registered so far. Preliminary findings suggest that fraud worth Rs 10 crore has been discovered. A WhatsApp group of 95 people, who were cheated, has been formed to coordinate legal measures against the administrative panel members, who are currently absconding.
The cooperative department has also begun a departmental inquiry into the incident. The victims include 52-year-old Panamood-Lane resident Maya, who lost Rs 5.65 lakh; T Sudhadevi, 72, of Chirakulam, who lost Rs 8.50 lakh; and Divya V S, 45, of Chirakulam, who lost Rs 4.70 lakh, among others.
According to the police, the accused invested the depositors' money in real estate and other businesses, which incurred huge losses, affecting the functioning of the society. There are people who deposited up to Rs 50 lakh.
The society started functioning in 2014 and has branches at Manacaud, Sasthamangalam, and Kannanmoola. The cases were registered against the secretary, president, and members of the administrative panel.
Frequently Asked Questions
What is the Thiruvithamcore Co-op Scam?
The Thiruvithamcore Co-op Scam is a deposit fraud case in which the administrative panel members of the Thiruvithamcore Cooperative Society have been booked for cheating people of crores of rupees by offering high interest on deposits.
How many complaints have been received in the case?
A total of 85 complaints have been received in the case.
What is the estimated amount of fraud in the case?
Preliminary findings suggest that fraud worth Rs 10 crore has been discovered.
Who are the victims of the scam?
The victims of the scam include retired government employees who deposited their gratuity and provident fund in the society.
What is the current status of the accused?
The accused are currently absconding, and the search has been intensified for them.
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