New Delhi India January 6, ANI The Enforcement Directorate ED has arrested the chairman of Krantiveer Sangolli Rayanna Urban Co-operative Credit Society Anand Balakrishna Appugol in a corruption case worth Rs 250 crore under the Prevention of Money Laundering Act, 2002, the ED said on Thursday.
Enforcement Directorate has arrested Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayanna Urban Co-operative Credit Society, Belagavi City on 05.01. The Prevention of Money Laundering Act, 2002, is a case of a case of cheating the public money to the tune of Rs. ED said 250 Crore was in a statement.
ED initiated a money-laundering investigation on the basis of FIR registered by Khadebazar Police Station, Belagavi City under section 406, 408 420 of IPC, 1860 against Anand Balakrishna Appugol and 15 others.
The investigation revealed that the Society had collected around 250 crore of deposits from more than 26,000 public depositors in March 2017 and promised them that their money will be returned along with a high interest rate.
The society did not return the money to the public depositors in time and committed a breach of trust and cheated the public at large. The society's funds were siphoned off in the form of immovable and movable properties. The public depositors have suffered huge losses because of this.
The accused was brought before the City Civil and Sessions Judge and Special Judge for PMLA cases in Bengaluru on January 6, 2022 and was remanded to ED custody for seven days.