State hands over Raghavendra Co-op Bank scam to CBI

“I have seen the suffering of those who have lost their money. I am handing over  the case to the CBI to conduct a proper investigation and get justice for all the victims," the CM said.
Karnataka Chief Minister Siddaramaiah
Karnataka Chief Minister Siddaramaiah

MANGALURU: The state government on Saturday accorded sanction to the CBI to investigate multi-crore fraud allegedly committed by Sri Guru Raghavendra Cooperative Bank Ltd, Sri Vasista Credit Souharda Cooperative Ltd and Sri Guru Sarvabhowma Souharda Credit Cooperative, all based in Bengaluru.

The financial malpractice committed by the directors, chief executives and staff members of the management board left depositors and customers in the lurch and the issue has been discussed several times in the Assembly.

Chief Minister Siddaramaiah said, “I have seen the frustration and suffering of those who have lost their money. For this reason, I am handing over  the case to the CBI to conduct a proper investigation and get justice for all the victims.”

He said, “Thousands of depositors had invested their lifetime savings in the banks with dreams like marrying their children, buying a house and ensuring a proper retired life. All of them were left bewildered about their future because of the fraud. Even when I was the Leader of the Opposition earlier, I was vocal inside and outside the House and participated in protests to get justice for the depositors. Even then, we insisted that this case should be investigated by the CBI.”

While issuing the order, the government said the CBI would have to identify and investigate those involved in the fraud. The department officers/officials/others shall hand over data/information/records as and when required by the CBI and provide place, resources, manpower and logistic support including Camp Office and Vehicles to CBI in connection with the case. The Cooperation Department had requested to hand over the case to the CBI. Accordingly,  the government decided to hand over the investigation of the multi-crore fraud cases to the CBI, the order stated.

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