In response to a notification from the Karnataka government’s revenue department, all movable and immovable assets of the Kamalakshi Multi-Purpose Cooperative Society in Udupi have been seized.
Victims’ representatives, including Prashanth Kamath, Ramesh Prabhu, and social activist Srinivas Prabhu, have appealed to U T Khader, Speaker of the Karnataka Legislative Assembly, for swift government action.
The appeal requests a rapid assessment of the seized assets’ market value, ensuring victims receive compensation following a court ruling. The society, implicated in a massive financial fraud in December 2022, failed to return matured deposits to customers, leading to the seizure.