FIR filed against Directors of Sri Vasishtha Credit Souharda Sahakari Bank for allegedly cheating investors

Pramesh S Jain.Yogesh K Porwar

The South Division police of Hanumanthanagar police registered an FIR against Sri Vasishta Credit Souharda Sahakari Limited in Bengaluru for allegedly cheating investors.

Based on a complaint filed by Arun BN,the police booked Venakata Narayana KN,Krishna Prasad and other directors for cheating,forgery, misappropriation and criminal breach of trust.

The police have issued a notice to the accused for questioning.

Arun,in his complaint,said that he had made fixed deposit of Rs.99 lakh on behalf of his father Nagaraj BT, 78 year old.

The bank was giving interest till November 2020 before stopping abruptly.When contacted,the bank cited the COVID-19 pandemic and asked to him to wait for a few days.

But when there was no response till June 2021, Arun approached the bank.Despite repeated attempts,there was no response,and later the bank stopped withdrawal of deposits too,he alleged.

Many other investors have approached the jurisdictional DCP arun said.

The bank officials reportedly tried to reason that they have made investments and given loans to many customers but could not collect the profit from the investments or loan repayments due to the Covid -19 pandemic.

Senior officer told reporters,We have registered a FIR and booked the directors and we have sought the details of the investments and issued notice to directors to appear for questioning further investigation is on he added.