An audit of the Sri Guru Raghavendra Sahakara Bank Niyamitha (SGRSBN) in Bengaluru β€” where depositors have been defrauded β€” has revealed that Rs 1,480 crore has been misappropriated and about Rs 890 crore or 60 per cent was given as loans to 24 accounts, the Karnataka assembly was informed on Monday.

In a response to a question raised by BJP MLA Ravi Subramanya, the department of co-operatives said, β€œin the audit report which has been shared with the government in the first week of September, it was revealed that the bank had a loss of Rs 1,923 crore of which Rs 1,480 crores were misappropriated.”

The documents show that a staggering loan of Rs 890 crore was released to 24 beneficiaries which is part of misappropriation.

As of July 9, the bank is liable to pay Rs 2,073 crore and Rs 375 crore as an interest to 994 fixed deposit holders.

In January last year, the Reserve Bank of India (RBI) imposed a withdrawal limit of Rs 35,000 citing the…

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