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It is said that they have started a social media campaign to urge politicians to take remedial action. The depositors highlighted their deteriorating financial and health conditions and how the SGRS Bank has cheated them of their hard-earned money.
Ranganath, a depositor, and a retired RBI official said, “Due to negligence of RBI, RCS over the last 20 years, the fraud was going on.”
In September 2020, the ED attached properties worth Rs 45.32 crore of various key management personnel of the bank on allegations that they had diverted the bank’s funds. The attachments were made under the provisions of the Prevention of Money Laundering Act 2002.