Bengaluru, January 30: The 1500 crore scam at the Kanva Souharda Cooperative Ltd will be handed over to the CBI.
Cooperation Minister S. T. Somashekar agreed to the demands of the representatives of the victims of the scam. Presently the State CID is probing the matter. The accused in the scam are out on the bail.
The scam relates to the alleged promise made by the promoters of Kanva society of doubling the money in give years. About 23,000 depositors invested about Rs 1500 crores, all put together in the form of RDs FDs. The promoters promised 12 percent interest.
The CID and ED jointly probed the matter and attached several properties of the promoters under the Money Laundering Act 2002.
“The public demands that the probe be handed over to the CBI. I will discuss with the chief minister to work out the modalities,” Somashekar told reporters.
Administrator of Kanva Scam Claimant forum Muralidhar Lakkanna said, “We are not happy with the CID probe. The CID has been able to trace only 40 percent of the money. What happened to the rest. Now we are happy that the CBI will now probe the matter”
A total of 254 properties worth Rs 316 crores have been seized. These properties will be auctioned to compensate the victims.
The Kanva cooperative had diverted all deposits into their ventures like Kanva Fashions, Kanva Educational Trust, Kanva Food Products etc, etc.
Gopalakrishna Reddy who is spearheading the battle on behalf of the depositors said the victims were waiting in queue at Shanthinagar Revenue Office to prove their deposits.
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