Guru Raghavendra Bank’s ex CEO Vasudev Maiy kills himself Read more at:

traghavanBANGALURU :  Former chief executive officer (CEO) of Sri Guru Raghavendra Cooperative Bank was found dead on Monday evening outside his home in the city. Police have not yet confirmed the cause of death of M Vasudev Maiya. A formal confirmation is awaited on whether it is a case of suicide.

Bangalore Mirror reported that 70-year-old Vasudev Maiya was found dead in his car at around 6:30 pm on Monday. The car was parked in the vicinity of his residence. The police from the jurisdictional Subramanyapura Police Station rushed to the spot after being alerted by a passerby.
According to the report, Maiya was one of those accused of misappropriation of funds to the tune of Rs 1,400 crore of the cooperative bank. He was raided recently on 18 June by the Anti-Corruption Bureau in connection with the case.

Other agencies, including the Enforcement Directorate, CID (Criminal Investigation Department), RBI (Reserve Bank of India), and Registrar of Cooperative Societies, were also scrutinising the bank’s working over alleged irregularities, reported The Hindu.
The bank had hit the headlines in January when the Reserve Bank of India or RBI began an investigation into financial irregularities amounting to over Rs 1,400 crore.

The central bank had imposed a set of restrictions early January for “next six months or until further review” at the time. The bank was not allowed to carry out any further transactions and the amount of withdrawal allowed to each depositor was limited to Rs 35,000.
Hundreds of people queued up outside the bank’s branches to withdraw money amid restrictions. Many of the depositors are senior citizens who depend on the interest from their investment for their expenses. A case of cheating and forgery was registered against M Vasudev Maiya, who was removed as the chief executive officer of the bank when the probe began in January.
Incidentally, the Karnataka High Court had also pulled up the probe agencies over lack of swift investigation in the case. Investigations had reportedly revealed that while the bank claimed that only 1 percent of its turnover was spent for promotional purposes, it was, in fact, around 25 percent to 30 percent.
An administrator had been appointed by the government to oversee the recovery of money – Additional Registrar AC Diwakar. He had told in June that Rs 22 crore had been recovered so far.
Mr Diwakar said he was hopeful that all account holders could get their money back. “This is an ongoing issue. Investors’ concerns need to be addressed. Law of the land will see that justice is given to all people,” Karnataka Deputy Chief Minister, Dr Ashwath Narayan has said.
(Bureau Report witg Agency Inputs ).

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