Depositors in panic,  prefers to withdraw their deposits  as Tirumala Tirupati Bank comes under ED scanner

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Panaji: The depositors at Tirumala Tirupati MultiState Cooperative Bank have pressed a panic button. A senior official said that the depositors have already started withdrawing their money from the banks various branches spread across the state.

The promoters of the bank are already under the scanner of Enforcement Directorate. Businessman Gaurav Arya who was questioned by ED in Mumbai was also asked about his links with the bank.

The investigations are focused around ascertaining the fact whether this bank was used to park the money earned from drug trade. If ED finds it fit, the bank may face stringent action in the days to come, a senior official said.

The affairs at the banks different branches is not smooth at present as depositors are worried about earnings.

It is understood that the people from lower strata of economic hierarchy have invested their hard earned money in this bank, which has been offering mind blowing returns on their savings.

Closure or any hindrance to the activity of the bank may lock their saving till the ED inquiry is over.

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