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Former CEO of scam-hit Guru Raghavendra bank found dead in his car

On June 18, the Anti-Corruption Bureau (ACB) had searched the offices of Sri Guru Raghavendra Sahakara Bank and its office-bearers along with Vasudeva Maiya in connection with a case of alleged financial irregularities in the bank.

Written by Darshan Devaiah BP | Bengaluru | Updated: July 7, 2020 10:32:25 am
Guru Raghavendra bank, former CEO of Guru Raghavendra bank found dead, Bengaluru bank former ceo dead, Bengaluru news, Rohini Katoch Sepat, Deputy Commissioner of Police (South), confirmed the incident to Indianexpress.com. (Express Photo: Darshan Devaiah BP/File)

Vasudeva Maiya, the 70-year-old former CEO of Bengaluru-based Sri Guru Raghavendra Sahakara Bank, allegedly killed himself by consuming poison in his car on Monday night.

On June 18, the Anti-Corruption Bureau (ACB) had searched the offices of Sri Guru Raghavendra Sahakara Bank and its office-bearers along with Vasudeva Maiya in connection with a case of alleged financial irregularities in the bank.

Rohini Katoch Sepat, Deputy Commissioner of Police (South), confirmed the incident to Indianexpress.com. The city police have registered a case and initiated an investigation. According to the police, Maiya allegedly consumed poison in the car which was parked by the roadside near his Chikkalasandra residence in Subramanyapura police limits. The suicide came to light around 9.30 pm on Monday.

On January 10, Reserve Bank of India (RBI) stopped the bank from doing business with immediate effect, for alleged irregularities in transactions. It also imposed restrictions on lending and limited withdrawals to Rs 35,000.

Along with the RBI, the irregularities of the bank are being investigated by the Enforcement Directorate, Criminal Investigation Department, and Registrar of Cooperative Societies.

The probe by RBI and Registrar of Cooperative Societies had indicated irregularities of Rs 1,400 crore which included the diversion of deposits and disbursal of loans worth Rs 150 crore to 60 fictitious customers.

According to its website, the bank has been operational since 1999. The profile of Maiya on the bank website reads he was the architect of the co-op Bank and had built the business ‘brick by brick’.

On June 12, Bengaluru South MP Tejasvi Surya had appeared for the depositors of Sri Guru Raghavendra Sahakara Bank in the Karnataka High Court. After the RBI imposed restrictions on the bank, Tejasvi Surya had assured the depositors of the bank to not panic, saying that Union Finance Minister Nirmala Sitharaman was personally monitoring the issue.

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