Chennai: The company has stated that there is not even a shred of truth in the reports that BLM founder Premkumar committed fraud involving several hundred crores of rupees.
In a statement issued jointly by the company’s Vice Chairman S. Murugan and Managing Director K. Manoharan, it said, “Our Bharat Lajna Multi State Housing Co-operative Society Limited (BLM - BLM) was started in 2006 as a cooperative society by founder R. Premkumar, along with other members.
This company, which was started with a small investment, has today grown into a company with an annual turnover of about Rs. 162 crore. It is operating successfully with 155 branch cooperative societies across the three states of Tamil Nadu, Kerala, and Puducherry. Our company, which has been functioning for 20 years, has 4,64,706 members.
From 2006 to 2016, R. Premkumar led the PLM company as its chairman. Currently, Karunamoorthy is the chairman. In this situation, since last week, some media outlets have been publishing defamatory reports claiming that PLM founder R. Premkumar committed fraud involving several hundred crore rupees. There is not even a trace of truth in them.
Our company’s former Chief Executive Officer, Naveen, had filed a complaint against our founder R. Premkumar in the Kozhikode Crime Branch on May 8. In it, he had accused Premkumar of engaging in irregularities.
A case was registered without any investigation into this complaint. Premkumar filed a petition in the Kerala High Court seeking to have the case quashed. In that case, Naveen filed a petition in the Kerala High Court stating that he had submitted the complaint under a misunderstanding and that he was withdrawing the complaint.
While that petition was pending, on Oct. 29, the Kerala Police illegally arrested Premkumar. Following this, the Kozhikode Judicial Magistrate ordered Premkumar to be released unconditionally on Oct. 30, stating that his arrest was illegal and that it was not carried out in accordance with legal procedures. In this situation, it appears that the Kerala Police are planning to register a few more false cases.
Our company has been operating successfully for 20 years with the trust of its members, without any complaints. At present, the Kerala Police is actively attempting to damage the reputation of the BLM cooperative institution and its founder, Premkumar. We state that we will legally face all false complaints and win through the court.
We hereby inform you that the BLM company has, for the past 20 years, been promptly providing all members and investors with their deposits along with the appropriate profits on the date of maturity.
We hereby inform you that the annual reports and accounts of the PLM company are duly audited, approved every year at the company’s general body meeting, and regularly filed with the Central Registrar, Central Multi State Co-operative Society,” they said.
