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.
Related News Articles
Renowned Screenwriter Javed Akhtar's Luxury Property Portfolio Expands in Mumbai's Upscale Juhu
Akhtar's latest property acquisition is a ready-to-move-in abode in the Sagar Samrat Building, Juhu, amidst Mumbai's luxury real estate scene.
Luxury Property Investment: Lloyds Group Promoter's Family Buys Rs 107 Crore Apartment in Worli
The luxury apartment, located in the Sea Crest building, features 16 car parking slots and was sold at a staggering Rs 81,133 per sq ft.
India's Real Estate Sector: The Next Big Employment Generator
The real estate sector in India is poised to become the next big employment generator, with the potential to create millions of jobs in the coming years.
SMIFS' Sharad Avasthi Predicts Coforge to Reach Five-Digit Levels: Here’s Why
Sharad Avasthi of SMIFS shares his optimistic views on Coforge, particularly after its acquisition of Cigniti. He believes the combined entity has a bright future and is a strong long-term investment.
Maharashtra: Real Estate Developers Face Penalties for Misleading Ads
According to ASCI, the real estate sector emerged as the most violative, accounting for 34% of cases investigated.
Mumbai to Host Payment Security Summit and Awards 2025: A Global Benchmark in Digital Transaction Safety
Mumbai is set to host the Payment Security Summit and Awards 2025, a significant event that will bring together global experts to discuss and establish new benchmarks in digital transaction safety.