The Karnataka state government has ordered a Central Bureau of Investigation (CBI) probe into allegations of financial irregularities at three cooperative banks in the state. The banks in question are Guru Raghavendra Cooperative Bank, Vasishtha Bank, and Guru Sovereign Bank.
Chief Minister Siddaramaiah announced the decision to hand over the case to the CBI, stating that the agency’s expertise is needed to uncover the truth behind the alleged scams. He expressed empathy for the thousands of depositors who have lost their life savings due to the fraudulent activities of the banks’ management.
“I have witnessed the frustration and suffering of those who have lost their deposit money. For this reason, I am handing over the case to the CBI with the intention of conducting a proper investigation and getting justice for all the victims,” Siddaramaiah said.
The CBI will investigate the multi-crore fraud committed by the directors, chief executives, and staff members of the three cooperative banks. The agency will also identify and investigate any other individuals involved in the alleged fraud.
The government order has directed concerned officials and others to provide the CBI with all necessary data, information, records, and support, including office space, resources, manpower, and logistical assistance.
The decision to involve the CBI follows a series of protests by depositors demanding justice for their lost savings. The government’s action is expected to bring some relief to the affected individuals and restore confidence in the cooperative banking sector.
