The Karnataka High Court on Monday directed the Banaswadi police to submit a status report of the investigation on complaints related to alleged fraud and misappropriation of deposits in Sri Guru Raghavendra Cooperative Bank Ltd., Basavanagudi.
A Division Bench comprising Chief Justice Abhay Shreeniwas Oka and Justice S. Vishwajith Shetty passed the order on a PIL petition filed by K.R. Narasimha Murthy and three other depositors of the bank.
The Bench also directed the police to submit investigation report to the City Police Commissioner for examining the probe conducted so far.
The petitioners have sought directions to the authorities to conduct a forensic audit of accounts and transactions of the bank from 2010 to March 31, 2020, to constitute a committee of experts in banking affairs under the Banking Regulations Act, and to disburse at least 50% of their respective fixed deposits and periodical monthly interest on balance of deposits to the members Sri Guru Sarvabhouma Souharda Credit Cooperative Ltd.
