Govt Starts Auction Process to Liquidate Sangolli Rayanna Co-op Society

The society has 110 moveable and immovable property in and around the Belagavi district in the name of 16 people. As Society Chairman Anand Appugol failed to return the money deposited for fixed term to his customers, and kept pushing ahead the date giving the sum, depositors filed hundreds of suits against him whuch made the government to seal down the society.

The government, with an intention ti maintain the interest if the depositors has got attached all the property belonged to the society. The government would action the property and returned to its depositors. Most among the depositors were retired people from government services who turned their Retirement Funds to the society which had assured of paying high amount of interest.

Belagavi Assistant Commissioner on Saturday has applied the Principal District and Sessions Court to allow the government to auction the property and to disburse to the claimed depositors.