BJP MP Tejasvi Surya Heckled In Bengaluru Over Guru Raghavendra Bank Scam

During an election campaign event on Sunday, Bangalore South MP Tejasvi Surya found himself compelled to leave after investors who had lost money in the multi-crore scam involving Guru Raghavendra Sahakara Bank Niyamitha, a co-operative bank located in Basavangudi, Bengaluru, heckled him.

Answers were being sought from the parliamentarian and other leaders like Basavanagudi BJP legislator L A Ravi Subramanya about the delay in compensating them for the losses suffered, as reported by Indian Express.

Photo Credit: PTI

Despite attempts by the leaders to pacify the investors, they remained dissatisfied with the responses provided. Visuals from the event, which was organized by the MP at Laxmanrao Imandar auditorium, depicted Tejasvi Surya being escorted out of the venue by his security detail. While being whisked away, Surya was observed engaging in discussions with a few investors who approached him with queries.

BJP MP @Tejasvi_Surya had to leave an election campaign event after investors who lost money in the multi-crore scam involving the Guru Raghavendra Sahakara Bank. Depositors allege that they have not received compensation as promised. Both Tejasvi Surya and his uncle BJP MLA… pic.twitter.com/UKvwn9JnFj

— Mohammed Zubair (@zoo_bear) April 15, 2024

The scam, which involved the alleged misappropriation of around Rs 2,500 crore by the bank management, was exposed in 2020 when the Reserve Bank of India (RBI) imposed withdrawal restrictions on the bank. More than 45,000 depositors had placed their funds in the bank, with most receiving the Rs 5 lakh insurance amount from the Deposit Insurance and Credit Guarantee Corporation, as reported by Indian Express.

To date, over 15,000 depositors with deposits exceeding Rs 6 lakh have not been fully compensated. The Enforcement Directorate, which conducted investigations into the fraud, had attached the bank's properties worth Rs 159 crore. The bank management, in collusion with others, stands accused of siphoning off significant funds. In December last year, a probe into the scam by the Central Bureau of Investigation (CBI) was ordered by the Karnataka government, as per media reports.