Pramesh S Jain & Dr.Thomas (Special Correspondent)
The CCB officials on Wednesday conducted raids at the offices of the Sushruthi Co-operative bank across the city and seized documents pertaining to the 
details of the depositors and the financial transactions and also details of the loan beneficiaries .
Based on the information the police also conducted raids on the houses of the relatives of the chairman and the directors of the bank who are availed huge amount of loans without following due diligence and defaulted the loans subsequently.
As a result bank could not pay the depositors due money and incurred financial loss .
Senior officer told reporters,as many as three cases have been registered against the chairman Srinivasa Murthy and his family members who are appointed as directors of the co operative banks.
The police so far arrested five persons including the chairman charging them for multi crore financial irregularities .
Considering the ramifications,the case was transferred to CCB,who on Wednesday cracked the whip and formed 14 special teams comprising of a total number of 60 officials led by DCP,Dr SD Sharanappa,carried the raid at all the branches,offices and residence of the suspects .
During the raid the police seized a large number of documents related to transactions,gold and silver articles from the 11 persons who are said to be loan beneficiaries and related to the chairman and directors of the co-operative bank.
The police are further investigating to ascertain the magnitude of the scam.
The bank started in 1998 having over 15,000 investors who deposited several crores in the bank,which has been given as loans to the relatives of the bank officials without following due diligence.
