Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Oct 13: The criminal investigation department (CID) sleuths have succeeded in finding out the whereabouts of nine persons accused of involvement in Rs 1,400 crore fraud in Sri Guru Raghavendra Cooperative Bank at Basavanagudi here and arresting them. President of the bank, K Ramakrishna, his son and director K R Venugopal, as well as seven directors of the bank have been arrested. CID sources said that several more will also be legally tried.

Allegation of Rs 1,400 crore scam in the said cooperative bank had surfaced after the audit. The government had entrusted the case to CID for in-depth investigation. As soon as a case was registered, the accused had gone underground. CID had filed an application in the court of the additional chief metropolitan magistrate's court to declare the missing accused as proclaimed offenders. At the same time, the CID police continued with their effort to nab the accused. They also had offered prizes to anyone who came forward to provide clues about the missing accused.

Sri Guru Raghavendra Cooperative Bank (file photo)

After closely working on the case, the CID got a clue about the culprits. On Monday, Ramakrishna and Venugopal were arrested and brought to the CID office where they were questioned. It is said that Ramakrishna had created fake documents to get huge loans sanctioned and caused loss of crores of rupees to the bank. He also has been accused of acquiring properties in the name of his son Venugopal and thus cheating bank customers. The CID team is now trying to put together their property documents in order to freeze them. On the basis of the statements of these two accused more people are likely to be arrested, CID sources stated.