ED arrests cooperative society chairman in Belagavi


PTI, Jan 6, 2022, 8:22 PM IST

The Enforcement Directorate (ED) on Thursday said it has arrested the chairman of a Belagavi-based cooperative credit society in connection with a money laundering case linked to alleged duping of depositors of Rs 250 crore.

Anand Balakrishna Appugol, the chairman of Krantiveer Sangolli Rayanna Urban Cooperative Credit Society in Karnataka, was arrested on Wednesday, the agency said in a statement.

He was produced before a special Prevention of Money Laundering Act (PMLA) court in Bengaluru on Thursday which sent him to seven days of ED custody, it said.

Prima facie, the ED said, a probe found that the society had collected around Rs 250 crore deposits till March, 2017 from more than 26,000 people by promising them that their money will be returned along with high rate of interest.

”However, the society failed to return the money to the public depositors in time and committed breach of trust and cheated the public at large,” it alleged.

Funds of the society were ”siphoned off” in the form of immovable and movable properties resulting in depositors suffering huge losses, it said.

The agency’s case was filed after studying a Belagavi police FIR against Appugol and 15 others.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

HC directs Delhi govt to appoint ex-officio members to state mental health authority

‘Challenge after 44 years’: Supreme Court junks pleas against ‘socialist’, ‘secular’ in Preamble

Related Articles More

Katapadi: Dangerous potholes along NH-66 pose threat to commuters

Karnataka CM directs officials to submit proposal for gold chariot for Goddess Chamundeshwari

Puttur: Abandoning labourer’s body — three, including prime accused, arrested

Dr. D. Veerendra Heggade sets record for ‘Largest Single-Man Collection of Antiques’

Bantwal: Three arrested in Thumbe temple theft case

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.