India News | Karnataka Govt to Hand over Guru Raghavendra Cooperative Bank Scam to CBI: Minister

Bengaluru, Jul 17 (PTI) The Karnataka government is in the process of handing over the Guru Raghavendra Cooperative Bank scam case to the Central Bureau of Investigation (CBI) by the end of this month, Minister for Cooperation K N Rajanna said on Monday.

The process is taking time since the translation of documents in Kannada to English is still underway, the minister told the Legislative Council.

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"Once the process of translation is completed, which is expected by the month end, the government will hand over the case to the CBI," the Minister said.

Heated arguments between the Congress and the BJP ensued over the issue as the Congress MLAs accused the previous BJP government of not taking any action to protect the interest of investors.

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The bank had promised high interest rate to the investors which was much higher than the prevailing market rate. At the same time, the bank management allegedly created fictitious loan accounts and laundered the money, thereby cheating the investors.

In February 2022, an official of Sri Guru Raghavendra Sahakara Bank was arrested by the ED on money laundering charges.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)