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Home » IANS » Crisis-hit K’taka coop bank ex-CEO commits suicide, probe on: Police

Crisis-hit K’taka coop bank ex-CEO commits suicide, probe on: Police

By IANS
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Bengaluru, July 7 (IANS) City police are probing the suicide of the former CEO of local cooperative bank which is facing allegations of misappropriation of funds, an official said on Tuesday.

“We are probing as to what reasons compelled Manur Vasudeva Majya to commit suicide,” a police official told IANS.

Majya’s suicide was detected around 9.30 p.m. on Monday when he was found lying dead in his car outside his home.

“Majya, 62, committed suicide by drinking poison,” said the official.

On June 18, the Anti-Corruption Bureau (ACB) raided his home in south Bengaluru following allegations of a scam at the crisis-hit Sri Guru Raghavendra Co-Operative Bank.

Currently, the bank is under investigation for misappropriation of funds to the tune of Rs 1,400 crore.

A few officials of the bank have created artificial deposits and lent up to Rs 150 crore to some fictitious customers.

In January, the Reserve Bank of India (RBI) had curbed the city-based private bank from doing business with immediate effect for alleged irregularities in transactions.

Following the central bank’s curbs, panicked customers rushed to withdraw Rs 35,000 each from their accounts, a limit set by the central bank back in January.

In January, bank Chairman K. Ramakrishna said 62 loans had locked up Rs 300 crore deposits.

–IANS

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(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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