Bengaluru: An alleged loan irregularity involving the Soundarya Souharda Credit Co-operative Society has led to the registration of an FIR at Sarjapur police station, with a complaint alleging that the society suffered a loss of around ₹10.50 crore due to loans being sanctioned without proper verification of supporting documents.
The case was registered following a complaint by Satappa Hoogar, a member of the society’s board of directors. The FIR names society president P. Manjappa and M.S. Subrahmanya Construction and Development Company as accused.
According to the complaint, irregularities allegedly occurred in the processing and sanctioning of loans between 2018 and 2025. Police have initiated an investigation to examine the allegations and the circumstances surrounding the loan approvals.
The complaint states that the society, which has thousands of depositors, had sanctioned a ₹7.50 crore loan to M.S. Subrahmanya Construction and Development Company. It is alleged that the prescribed procedures were not followed adequately before the loan was sanctioned.
Questions have also been raised over the authenticity of property documents reportedly furnished as security for the loan. The complainant has alleged that the documents were not subjected to adequate verification, resulting in financial exposure to the society.
The complainant has sought appropriate legal action against those found responsible for the alleged irregularities.
Another FIR in Nelamangala
A separate case linked to the society has also been registered at Nelamangala Rural police station.
The complaint in that case alleges that a ₹10.56 crore loan was sanctioned to H.B. Manjunath in violation of prescribed procedures, allegedly causing financial loss to the society.
Based on a complaint filed by society member Nitin, police have registered a case against P. Manjappa and H.B. Manjunath.
With cases relating to alleged financial irregularities now registered at different police stations, police sources said authorities may consider forming a special investigation team or entrusting the matter to an independent team for a coordinated probe.
