ED ATTACHES ASSETS WORTH RS 31.35 CRORES IN SANGOLLI RAYANNA SOCIETY FRAUD
ED initiated investigations under PMLA based on the FIR registered by Khadebazar Police Station
Pragativahini News, Belagavi – Directorate of Enforcement (ED) attached 31 immovable assets and balances in 32 bank accounts amounting to Rs. 31.35 crores of Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayanna Co-operative Society and his associates under Prevention of Money Laundering Act, 2002 (PMLA) in CO-OPERATIVE SOCIETY fraud case.
The attached immovable properties are in the form of agricultural land, commercial complexes, House held in the name of Anand Appugol, Smt Prema Appugol, Shivmurthy Chivgol, Sanjay Patil and Mahantesh Angadi, all residents of Belgaum and related entities.
ED initiated investigations under PMLA based on the FIR registered by Khadebazar Police Station, Belagavi City vide Crime No.185/2017 u/s 406, 408 & 420 of IPC 1860 on 01.09.2017 against Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayanna Co-operative Society, Belagavi City and 15 others for embezzling more than Rs. 232.69 Crore collected from more than 1300 members through fixed deposits by promising them 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 lodged in Central Jail, Belgaum
Investigation under PMLA revealed that, during the period between 12.08.2017 and 01.09.2017, Anand Balakrishna Appugol, Chairman and Managing Director, Board of Directors, Secretary, Assistant Secretary of Krantiveer Sangolli Rayanna Co-operative Society colluded with others to divert funds and large sums collected from the gullible investors.
These funds were further layered into immovable properties in name of accused Anand Appugol and others. Investigation conducted so far lead to identification of the proceeds of crime in the form of 31 immovable properties consisting of agricultural land, commercial complexes, House etc in Belgavi District, held in the name of Anand Appugol, Chairman , his wife Smt Prema Appugol, Shivmurthy Chivgol both Directors, Mahantesh Angadi , Assistant Secretary of the society and Sanjay Patil, a close associate of accused Anand Appugol and others. These identified immovable assets along with balances lying in 32 Bank accounts have been provisionally attached under PMLA.
Further investigation is continuing for identifying more Proceeds of Crime.