The Belagavi police arrested Anand Appugol, chairman of the Sangolli Rayanna Cooperative Society, for swindling almost Rs 300 crore and failing to repay money to depositors
Anand Appugol. Pic/YouTube screengrab
The Belagavi police arrested Anand Appugol, chairman of the Sangolli Rayanna Cooperative Society, for swindling almost Rs 300 crore and failing to repay money to depositors.
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Some depositors even held protests rallies in the last few months, asking the government to ensure that they got their money back.
Anand Appugol was arrested near Mumbai and was brought back to Belagavi. He was produced in court on Monday and was remanded to police custody for four days.
Earlier he had sought time saying that he had suffered losses due to demonetisation. He also claimed to return all the money to depositors in a few months but within weeks, he went absconding.
According to a report in The Hindu, based on petitions by depositors, the State government ordered an inquiry into the affairs of the society. Registrar of cooperative societies submitted a detailed report on September 3 and indicted Appugol for breach of trust, violation of provisions of the Cooperative Act among other things.
Appugol was popular for leading a flashy lifestyle. He owned fancy cars and loved to rub shoulders with film stars. He had produced the successful Kannada film Sangolli Rayanna, based on fables of eponymous lieutenant of Kittur Rani Channamma.
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