Udupi
A major financial irregularity has surfaced at the Ampar Cooperative Agricultural Society (Ltd) in the jurisdiction of Shankaranarayana police station.Sadashiva Vaidya, who served as the in-charge Chief Executive Officer during the 2023-24 fiscal year, faces allegations of abusing his position to illegally utilize society funds.
The complaint claims he misappropriated a total of Rs. 3,95,65,000 by recording fictitious expenses in interest accounts, generating fake deposit accounts, and conducting irregularities in savings accounts.
Investigations revealed that reconciliation entries in the society’s computer records were made using passwords “Vaidya” and “Manager,” which the accused reportedly operated.Furthermore, he allegedly opened counterfeit deposit, savings, and loan accounts linked to his relatives to divert the funds for personal gain.
These malpractices came to light during a routine verification of the society’s fixed deposits.Current in-charge CEO Praveen Kumar Shetty from Ampar village, filed the formal complaint.With intent to defraud the institution and its customers, the accused created fake passwords and misused crores of rupees.
Shankaranarayana police have registered crime number 01/2026 under sections 314, 228, 316(4), 316(5), 319(1), 319(2), 318(2), 318(3), and 318(4) of the BNS, and are conducting an ongoing investigation.
