Bengaluru: Former CEO Of Scam-Hit Guru Raghavendra Bank Allegedly Consumes Poison, Found Dead In Car

The bank, was under the scanner of Reserve Bank of India scanner, which led to the Anti-Corruption Bureau (ACB) raiding the offices in connection with a case of alleged financial irregularities to the tune of Rs1,400 crore.

Representational Picture (AFP)

Bengaluru, Jul 7: In a shocking event, the former CEO of the Guru Raghavendra Bank, M Vasudev Maiya, whose bank was under the scanner for financial irregularities, was found dead on Monday outside his home. Also Read: Gold Prices Decline To Rs 48,100 Per 10 Gram | Here Are Top City Rates The 70-year-old former CEO allegedly killed himself by consuming poison in his car on Monday night, as per the report in the Indian Express. The bank, which has a headquarter in south Bengaluru, was under the scanner of Reserve Bank of India scanner and on June 18, the Anti-Corruption Bureau (ACB) had searched the offices including officials and Vasudeva Maiya in connection with a case of alleged financial irregularities. The Indian Express report stated that the probe by RBI and Registrar of Cooperative Societies had hinted at irregularities of Rs 1,400 crore including the diversion of deposits and disbursal of loans worth Rs 150 crore to 60 fictitious customers. Earlier this year on January 10, Reserve Bank of India (RBI) stopped the bank from conducting business because of its alleged irregularities in transactions. It also imposed restrictions on lending and limited withdrawals to Rs 35,000. Even as depositors had the option of transferring money to another bank through the National Electronic Funds Transfer (NEFT) system, those who did not have alternate bank account preferred to get cash in hand which led to the long queues at the time of the lockdown. Amid the ongoing investigation, on June 12 Bengaluru South MP Tejasvi Surya had appeared for the depositors of Sri Guru Raghavendra Sahakara Bank in the Karnataka High Court. As a result of the RBI move on withdrawal limit on the bank, Tejasvi Surya offered assurance to depositors asking not to panic while he mentioned that Union Finance Minister Nirmala Sitharaman was tracking the development. Along with the RBI, the irregularities of the bank are being investigated by the Enforcement Directorate, Criminal Investigation Department, and Registrar of Cooperative Societies. The bank’s official website says the bank has been operational since 1999. Maiya’s profile describes him as the founder of the co-op Bank, which has been built by ‘brick by brick’.