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Mangaluru: Local branch manager of Malaika Society arrested in fraud case
Team Udayavani, Nov 22, 2020, 12:49 PM IST
Mangaluru: The branch manager of the local Malaika Multi-State Co-op Credit Society, Reena Josh, has been arrested in the fraud case involving the Society.
A case has been filed against the founder of the Society, Gilbert Baptiste, and its Board of Directors for defrauding crores of rupees of depositors money.
The Society has many branches across the coastal districts of Karnataka. It had offered a high rate of interest to senior citizens which enticed thousands of people to deposit money in the Society.
However, it was reported later, that instead of returning the money to the depositors on its due, the owners of the Society transferred the money to their personal accounts.
After the case of fraud came to light, hundreds of depositors filed complaints and lawsuits against the Society’s founder Gilbert Baptiste.
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