₹31.35 cr. worth properties of Belgaum co-op society chief, associates attached

They allegedly embezzled more than ₹232.69 cr. collected from 1,300 members through fixed deposits

The Enforcement Directorate has attached properties worth ₹31.35 crore of the chairman of the Krantiveer Sangolli Rayanna Co-operative Society and his associates in connection with a fraud case.

The attachment includes 31 immovable assets and balances in 32 bank accounts. The immovable properties are in the form of agricultural land, commercial complexes and a house held in the name of Anand Appugol, Prema Appugol, Shivmurthy Chivgol, Sanjay Patil and Mahantesh Angadi, all residents of Belgaum in Karnataka, and related entities.

The ED probe is based on an FIR registered by the Khadebazar police in September 2017 against the then Society chairman, Anand Appugol, and 15 others for allegedly embezzling more than ₹232.69 crore collected from over 1,300 members through fixed deposits by promising them a high rate of interest, ranging from 12 to 16% per annum.

The accused persons did not return the money to the public in time and committed breach of trust and cheated public at large. The main accused, Anand Appugol, and his secretary are currently lodged in the Central Jail, Belgaum.

According to the ED, the accused persons colluded with others to divert the funds collected from the investors and launder them.

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