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Cooperative society chairman who cheated investors of Rs 500 crore held in Belagavi

Anand Appugol, chairman of Krantiveera Sangolli Rayanna Cooperative Society who was absconding with Rs 500 crore money from investors was arrested by Belagavi police in Mumbai.

Published: 18th September 2017 07:21 PM  |   Last Updated: 18th September 2017 07:21 PM   |  A+A-

Image used for representational purpose.

By Express News Service

BELAGAVI: Anand Appugol, chairman of Krantiveera Sangolli Rayanna Cooperative Society who was absconding with Rs 500 crore money from investors was arrested by Belagavi police in Mumbai, on Monday morning.

He is being brought to Belagavi by road and is expected to be produced before the judge at 7 pm to seek judicial custody.

Appugol who managed 52 branches of Sangolli Rayanna and Bhimambika Society was at large with his family members for the past month. He had collected about Rs 500 crore cash deposit from public, but had not returned the money even after completion of the term of the investment scheme.

Appugol who has produced a few Kannada films including Sangolli Rayanna in which noted actor Darshan acted had assured the depositors and the district administration that he would not flee and return every rupee to the depositors.

Appugol had said he could not return the money at the time as he had invested it in the real estate business. He had said that his business had collapsed after demonetisation, even though he had to return cash to the tune of Rs 300 crore to the depositors.

Depositors held protests urging the district administration to intervene and help them get back their money.



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