Kolar: After IMA scam, Bharat Souharda Credit Co-op investors claim company cheated them of Rs 5 crore

Kolar: Following the I Monetary Advisory (IMA) scam, many people who have been cheated by fraudulent chit fund companies have come together in protest, the latest being investors of Bharat Souharda Credit Co-operative Ltd in Kolar situated at Gowripet.

The company had collected money from people in the name of pigmy collection and later locked its office.  This sparked a massive protest outside the office building.

Reportedly, at least 300 people have been cheated to the tune of Rs 5 crore. Most people who invested in this company were small traders, retail shop keepers, daily wage workers and roadside vendors, including women.

The company is owned by Munegowda who founded the company along with his friends. Currently, he and his friends are absconding. When investors tried to find them, it came to their notice that they had started winding up operations four months ago, without giving the investors any hint. Complaints by investors have been piling up at Kolar City Police station.