Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Aug 4: Personnel of the criminal investigation department (CID) on Tuesday August 4 raided 15 venues in the city in connection with multi-crore scandal in Guru Raghavendra Cooperative Bank Ltd.

The people who availed huge loans from the said bank on the basis of fake records and then defaulted on repayments were reportedly targetted by the police.

File Photo

Several teams belonging to the economic offences wing of the CID raided various spots at Halasur, Rajajinagar, Sadashivanagar, Jayanagar etc. The houses of people who allegedly cheated by not repaying the loans from the above bank are being searched by the officials.

After the fraud running into hundreds of crores of ruplees came to light, the bank's former chief executive officer Vasudev Maiya had committed suicide. Thereafter, the high court had ordered the fraud to be investigated by the CID. CID is handing both the scandal and Maiya's suicide cases.

The size of the scandal is said to be over a thousand crore rupees. The irregularities surfaced after the Reserve Bank of India placed restrictions on the operations of the bank during January this year. It was found that some of the officials had created fake deposits and indulged in large scale irregularities. Vasudev Maiya also was facing the allegationks but on Juliy 7, he committed suicide. In his death note, Maiya had denied any wrongdoing and blamed his former colleagues for the scandal.