Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayanna Urban Co-operative Credit Society, Belagavi City, was detained by the Directorate of Enforcement (ED) on January 5, 2022, in accordance with the Prevention of Money Laundering Act of 2002, in connection with a case involving the theft of public funds totalling Rs. 250 Crore.
The Khadebazar Police Station in Belagavi City filed a complaint against Anand Balakrishna Appugol and 15 other people under sections 406, 408 and 420 of the Indian Penal Code, which served as the foundation for the ED’s money laundering probe.
According to preliminary findings of the inquiry, the Society promised more than 26,000 public depositors that their money would be repaid together with a high rate of interest in order to raise about Rs. 250 Crore in deposits by March 2017. However, the organisation betrayed the public’s confidence by failing to reimburse the public depositors for their money in a timely manner. Society’s funds were stolen in the form of movable and immovable property. The public depositors have incurred significant losses as a result.
On January 6, 2022, the defendant was brought before the Honorable City Civil & Sessions Judge and Special Judge for PMLA Cases in Bengaluru and sent to ED custody for seven days. The probe is being expanded upon.
