Raghavendra Bank scam: Fraud victims protest online

Team Udayavani, Jun 10, 2021, 6:18 PM IST

Bengaluru: The depositors of Bengaluru-based Sri Guru Raghavendra Sahakara Bank protested online as their money is stuck in the bank after the RBI restricted the bank from doing business over irregular transactions.

It is said that they have started a social media campaign to urge politicians to take remedial action. The depositors highlighted their deteriorating financial and health conditions and how the SGRS Bank has cheated them of their hard-earned money.

Ranganath, a depositor, and a retired RBI official said, “Due to negligence of RBI, RCS over the last 20 years, the fraud was going on.”

In September 2020, the ED attached properties worth Rs 45.32 crore of various key management personnel of the bank on allegations that they had diverted the bank’s funds. The attachments were made under the provisions of the Prevention of Money Laundering Act 2002.