Bengaluru: Former CEO Of Fraud-Hit Guru Raghavendra Bank Found Dead Outside His Home

Former CEO of fraud-hit Guru Raghavendra Bank, which has its headquarters in south Bengaluru, was found dead in his car on the evening of July 6 outside his residence in the city. The car was found parked near M Vasudeva Maiya's residence at around 6.30 pm on July 6.

The Subramanyapura police have begun an investigation into Maiya's death. The cause of his death has not been ascertained yet.

The bank had hit the headlines in January this year when the Reserve Bank of India conducted an investigation into financial irregularities amounting to the tune of Rs 1,400 crore.

The central bank had imposed restrictions on the troubled bank early in January for "next six months or until further review", as per which the bank was not allowed to carry out any further transactions and the amount of withdrawal for each depositor was limited to Rs 35,000. Hundreds of depositors had queued up outside the bank's branches to withdraw money amid the restrictions imposed.

A case of cheating and forgery was registered against M Vasudev Maiya, who was asked to step down as the chief executive officer of the bank when the probe was initiated in January.

Maiya had told NDTV that investors would get their money back as the bank had ensured adequate security before offering loans.

Amid the restrictions, the depositors had an option of transferring money to another bank through the National Electronic Funds Transfer (NEFT) system, however, many did not have any another bank account and preferred to get cash in hand.

Maiya's residence was raided in June as the probe into the fraud case continued.

An administrator was also appointed by the government to monitor the recovery of money who had informed that Rs 22 crore had been recovered in June

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