Over Rs 1,700 Crore Losses Detected in Bank Scam Says Karnataka Minister

Cooperation Minister S T Somashekar said the Council on Tuesday that the government has detected losses totaling Rs 1,792 crore in the Guru Raghavendra co-operative bank irregularities case and is working to recover the funds.

U B Venkatesh had asked a question on it, and the minister was responding to it.

The Enforcement Directorate has seized the assets of all of the bank‘s 24 directors.

The RBI has appointed an administrative officer in accordance with High Court orders.

Accounts from 2014-15 to 2018-19 have been re-audited. The rest is in the works. Meetings are held every two weeks to determine the plan of action. He stated that a meeting with the concerned police officers will be convened next week.

Venkatesh claimed that the government was making little progress in the case, leaving the victims stranded and in terrible financial straits. “Many folks are still waiting for money. The defendants have been released on bail. Venkatesh requested the government to appoint a high-powered commission to investigate the problem.

He also wanted the bank to be merged with another cooperative bank.

However, because the matter is before the High Court, the government is powerless to intervene, according to Somashekar.

Source: Deccan Herald