In another high profile case of a suspected suicide, M Vasudev Maiya (70), former CEO of the Guru Raghavendra Bank, was found dead in a car outside his residence.
No foul play was suspected, according to sources in the police. However, the case is being investigated.
The bank, which has its headquarters in south Bengaluru, was in the news in January this year when the Reserve Bank of India started an investigation into financial irregularities amounting to over Rs 1,400 crore.
Following initial investigations, the RBI imposed tough restrictions for "next six months or until further review" and the bank was not allowed to carry out any further transactions. The central bank also put a cap on withdrawal by each depositor at Rs 35,000.
This had put hundreds of depositors, many of them senior citizens, to hardship as they were depending on the interest from their investment for their expenses.
A case of cheating and forgery was registered against Maiya and he was subsequently removed as the chief executive officer of the bank.
Maiya had assured depositors that they would get their money back as the bank had enough liquidity.
Later, in June, the RBI increased the withdrawal from Rs 35,000 to 1 lakh.
Other probe agencies, like the Enforcement Directorate, CID (Criminal Investigation Department), RBI (Reserve Bank of India), and Registrar of Cooperative Societies are also scrutinising the bank’s working over alleged irregularities.
Recently, the Karnataka High Court had pulled up the probe agencies over lack of swift investigation in the case.
