Alleged Scams in Bengaluru-based Cooperative Banks Spark Investigation Call

In a latest development, the government in Bangalore South is contemplating the formation of a special investigation team (SIT) to delve into alleged financial irregularities in cooperative banks situated in Bengaluru. Deputy Chief Minister DK Shivakumar has pointed fingers at BJP leaders, suggesting their involvement in the suspected scams at Sri Guru Raghavendra Bank and its affiliated institutions such as Sri Guru Raghavendra Sahakara Bank, Sri Guru Sarvabhauma Souharda Credit Cooperative Ltd, and Sri Vasista Credit Souharda Sahakari Ltd.

Expressing concern, Shivakumar highlighted that numerous depositors, mostly senior citizens, have been impacted by these alleged fraudulent activities. He mentioned that despite the earlier claims by the BJP to transfer the case to the CBI during their governance, it was the current administration that eventually initiated the move, yet progress has been sluggish due to the suspected involvement of BJP members.

During a meeting with Congress general secretary Priyanka Gandhi, a group of depositors from the banks in question presented a petition seeking legal recourse and justice. Shivakumar revealed that approximately three lakh depositors have been affected, with a distressing number of around 300 having passed away. He emphasized the need for accountability and vowed to pursue action to deliver justice promptly.

Following the latest developments, Priyanka Gandhi made a plea to Chief Minister Siddaramaiah and Deputy CM Shivakumar to consider establishing an SIT to investigate the alleged scams thoroughly. Shivakumar assured that a decision regarding the SIT formation will be made post-election to address the concerns raised by the affected depositors.

Notwithstanding the challenges faced by depositors, Shivakumar encouraged them to remain resolute in their pursuit for justice, assuring them of the government’s commitment to safeguard their rights. He condemned the exploitation of hard-earned savings by individuals associated with the BJP and maintained that stringent measures would be taken to rectify the situation.

In a significant development from December 2023, Chief Minister Siddaramaiah greenlit the transfer of the scam cases at the cooperative banks to the CBI. Investigations have unearthed discrepancies amounting to Rs 1,294 crore at Guru Raghavendra Bank, Rs 284 crore at Guru Sarvabhauma Society, and Rs 282 crore at Vasishta Cooperative Bank. The recent incident involving Bangalore South MP Tejasvi Surya facing backlash from depositors further underscores the gravity of the situation, reflecting the simmering discontent among those affected.