Alleged Multi-Crore Fraud by Malingaray Finance: Dalit Sangharsha Samiti Demands Legal Action Raichur,
📰 RAICHUR | BREAKING NEWS
Alleged Multi-Crore Fraud by Malingaray Finance: Dalit Sangharsha Samiti Demands Legal Action
Raichur, September 22: The Karnataka Dalit Sangharsha Samiti (founded by Dadasaheb Dr. N. Murthy) has urged the authorities to take appropriate legal action against Malappa alias Malingaray, owner and director of Malingaray Finance, over allegations that the company collected crores of rupees from the public by promising to double their money and provide loans.
The organization also demanded that the money of the members who allegedly lost their funds be recovered and returned to them.
In this regard, office-bearers of the organization submitted a memorandum to the Home Minister through the Raichur Taluk Tahsildar.
Alleged Collection of Money from More Than 20,000 Members
According to the memorandum, Malappa, a native of Surpur, established the company’s head office in Surpur and allegedly conducted financial activities for nearly three years by opening branch offices in various places, including Lingasugur, Hatti, Jalahalli, Arakera and Devadurga taluks, Manvi and other areas of Raichur district, as well as Muddebihal in Vijayapura district, Ilkal in Bagalkot district and Siruguppa in Ballari district.
The Samiti alleged that more than 20,000 members were persuaded to invest crores of rupees with promises of doubling their money, earning profits through a “chain system” and obtaining loans.
Allegation That Payments Were Not Made for Six Months
The memorandum stated that members had allegedly not received their payments for the past six months. It was also alleged that the company failed to respond properly to their calls and kept postponing payments by claiming that meetings were being held in Bengaluru, Hyderabad, Delhi and Maharashtra.
Concerned members reportedly visited the company’s head office in Surpur, only to find that the office had remained closed for several days, the Samiti alleged.
Allegation That Daily-Wage Workers Also Invested Their Savings
The Samiti stated that many of those who invested money in the finance company were poor people who had saved their earnings through daily-wage labour. Some had allegedly borrowed money or pledged their gold jewellery to make investments.
Therefore, the Dalit Sangharsha Samiti urged the government and police department to conduct a comprehensive investigation into the matter, take legal action against the accused Malappa, trace the funds allegedly collected from the members and take urgent steps to recover and return their money.
District President Ashok Nanjaladinni, District Vice-President Basavaraj Nadangi, Organizing Secretary Yesu Bijanagere, District Secretaries Jairaj Tiger and Basheer Ahmed, Taluk President Raju Bomanal, District General Secretary and other office-bearers of the organization were present while submitting the memorandum.
Reported by: Khaja Hussain Baba, JalahalliI
Alleged Multi-Crore Fraud by Malingaray Finance: Dalit Sangharsha Samiti Demands Legal Action
Raichur, September 22: The Karnataka Dalit Sangharsha Samiti (founded by Dadasaheb Dr. N. Murthy) has urged the authorities to take appropriate legal action against Malappa alias Malingaray, owner and director of Malingaray Finance, over allegations that the company collected crores of rupees from the public by promising to double their money and provide loans.
The organization also demanded that the money of the members who allegedly lost their funds be recovered and returned to them.
In this regard, office-bearers of the organization submitted a memorandum to the Home Minister through the Raichur Taluk Tahsildar.
Alleged Collection of Money from More Than 20,000 Members
According to the memorandum, Malappa, a native of Surpur, established the company’s head office in Surpur and allegedly conducted financial activities for nearly three years by opening branch offices in various places, including Lingasugur, Hatti, Jalahalli, Arakera and Devadurga taluks, Manvi and other areas of Raichur district, as well as Muddebihal in Vijayapura district, Ilkal in Bagalkot district and Siruguppa in Ballari district.
The Samiti alleged that more than 20,000 members were persuaded to invest crores of rupees with promises of doubling their money, earning profits through a “chain system” and obtaining loans.
Allegation That Payments Were Not Made for Six Months
The memorandum stated that members had allegedly not received their payments for the past six months. It was also alleged that the company failed to respond properly to their calls and kept postponing payments by claiming that meetings were being held in Bengaluru, Hyderabad, Delhi and Maharashtra.
Concerned members reportedly visited the company’s head office in Surpur, only to find that the office had remained closed for several days, the Samiti alleged.
Allegation That Daily-Wage Workers Also Invested Their Savings
The Samiti stated that many of those who invested money in the finance company were poor people who had saved their earnings through daily-wage labour. Some had allegedly borrowed money or pledged their gold jewellery to make investments.
Therefore, the Dalit Sangharsha Samiti urged the government and police department to conduct a comprehensive investigation into the matter, take legal action against the accused Malappa, trace the funds allegedly collected from the members and take urgent steps to recover and return their money.
District President Ashok Nanjaladinni, District Vice-President Basavaraj Nadangi, Organizing Secretary Yesu Bijanagere, District Secretaries Jairaj Tiger and Basheer Ahmed, Taluk President Raju Bomanal, District General Secretary and other office-bearers of the organization were present while submitting the memorandum.
Reported by: Khaja Hussain Baba, JalahalliI