Depositors of the Krantiveera Sangolli Rayanna Urban Co-operative Credit Society are set to protest on March 3, 2025, over the rejection of their deposit recovery claims. Frustrated by the decision, the depositors aim to pressure the Special Officer and Competent Authority (under KPIDFE – IMA & Other Scams) to return their funds promptly.
A large group of depositors, led by Adv. Vikram Singh Rajput, submitted a memorandum to the Deputy Commissioner (DC) today at their office in Belagavi. They have urged the government to intervene before the protest date to ensure the safe return of their deposits.
In November 2023, depositors were instructed to submit applications for recovery under the Krantiveera Sangolli Rayanna Urban Co-operative Credit Society scam. After traveling to Bengaluru and submitting the required documents, they were reassured by officials that the money would be returned within five to six months. However, many applications have since been rejected, citing “insufficient evidence,” causing significant anxiety among the depositors.
An estimated 5,000 depositors are impacted by this decision. Adv. Rajput, also a depositor, voiced his concerns, stating, “Despite submitting all the necessary documents, our claims have been rejected. This is a blatant injustice. The government must step in to resolve this matter immediately, or we will be forced to protest on March 3.”
With mounting frustration among depositors, attention now turns to how the government will respond before the protest deadline.
