Guru Raghavendra Cooperative Bank scam key accused arrested

In a massive development in the 1,400 crore scam at Guru Raghavendra Cooperative Bank, the CID officials from Karnataka arrested its president Ramakrishna and his son K R Venugopal and seven directors   

In a major crackdown in the Rs 1400 crore Guru Raghavendra Cooperative Bank scam worth Rs 1,400 scam, Bengaluru Police has arrested President K Ramakrishna, his son and director K R Venugopal and seven directors of the bank.

As per reports, few more persons will be arrested in this scam in the coming days.

The key accused in the case had gone underground after the fraud came to light. 

The CID sleuths had filed an application in the court urging them to be declared as proclaimed offenders. 

The accused persons Ramakrishna and Venugopal
were arrested on Monday and brought to the CID office and subjected to intense grilling.

As to police, Ramakrishna created fake documents to get huge loans sanctioned and caused loss of crores of rupees to the bank. This apart, the accused person allegedly acquired properties in the name of his son Venugopal and cheated bank customers. 

"We are trying to put together their property documents in order to freeze them. Following statements from accused persons, more people are likely to be arrested." CID sources said.