Home Scam/Fraud Karnataka co-operative bank scam: Rs 60 crore released to 90 accounts on...

Karnataka co-operative bank scam: Rs 60 crore released to 90 accounts on a single day

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While the Rs 1,500 crore irregularities in Sri Guru Raghavendra Sahakara Bank Niyamitha (SGRSBN) in Bengaluru has pushed about 38,000 customers to hardship, the audit of the bank’s sister concern shows that loans worth Rs 60 crore were released to 90 accounts on a single day.

Sri Guru Sarvabhauma Souharda Credit Co-operative Society, a sister concern of the bank, has lost about Rs 284 crore to adjust to the bad loans of the bank illegally. In 174 cases, it was seen that Rs 149 crore benami loans were given without collecting any documents. In a response given by Cooperative Societies Minister ST Somashekar to BJP MLA Ravi Subramanya, it shows that the irregularities of the society were parallelly being carried out with the bank.

The forensic auditing of the financial year 2015-16 showed that Rs 64 crore was misappropriated in one year.

An official from the society said, “the audit report says during 2015-16 we observed that on…

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