Media reports say police have taken into custody the director and president of Avishkar Jeevan multipurpose cooperative society of Mysuru for their involvement in the Rs 1.25 crore scam that has broken in the Udupi branch.
The allegation is that the accused have cheated Rs 1.25 crore collected in the form of shares, fixed deposits, and recurring deposits from the public.
Anant Nayak resident of Bramavar had filed a complaint against 17 people. Following police interrogation, the accused were produced before a court in Udupi.