ACB raids Guru Raghavendra Co-op Bank in Bengaluru

Anti-Corruption Bureau (ACB) on Thursday raided offices of Sri Guru Raghavendra Co-operative Bank, including the residence of present and previous chairmen in Bengaluru over allegations of irregularities in financial transactions.

Guru Raghavendra Co-operative Bank head office and branch at Nettakallappa circle, Basavanagudi, the residence of the former chief executive officer (CEO) Vasudeva Maiah at Chikkalasandra, Guru Sarvabhavma Cooperative Orgsation and bank chairman Dr K Ramakrishna's residence at Basavanagudi, officials said.

Guru Raghavendra Co-operative Bank officers and employees had allegedly transferred Rs 1,400 crore to unverified accounts, including diversion of deposits by the bankers, loans to the tune of Rs 150 crore being granted to 60 fake-account holders.

The report by the registrar of the co-operative department and the RBI inquiry has revealed that the bank had been involved in irregularities.

The ACB initiated enquiry and raids after they received complaints by the account holders of mismanagement and irregularities by the bank staff to benefit themselves.

( With inputs from ANI )