Nation Current Affairs 30 May 2018 Bank scam: Anand Ap ...

Bank scam: Anand Appugol still living high life

Published May 30, 2018, 3:47 am IST
Updated May 30, 2018, 3:47 am IST
Duped investors to stage dharna outside his house shortly.
Anand Appugol
 Anand Appugol

Belagavi: Nearly nine months after Sangolli Rayanna Cooperative Society ponzi scheme scam broke out, the depositors continue to run from pillar to post to get their money back from the main accused film producer Anand Appugol and they are skeptical whether the police or the Cooperative Department is serious about expediting the case.

Appugol had cheated thousands of customers to the tune of Rs 250 crore. After his arrest he is currently on bail and reportedly leading a lavish life.


The depositors continue to knock the doors of police and Cooperative Department, to get their money back.  Apart from arresting Appugol and filing a case, the Belagavi police have hardly done anything much. Appugol owns 109 properties, including some lavish bungalows and farmhouses, in the state.

The duped investors insist that the police should sell his assets to settle their dues, but sources claim there are many legal hurdles. Moreover, since Appugol had bought many of his properties under the name of his close associates and relatives, it will be difficult to sell them off.

Police authorities claim that in the last few months they have written twice to Cooperative Department to investigate Appugol's case and submit a report, but they have not heard from them.

Recently it came to light that a group of his associates was involved in selling some the properties illegally, but they fell into the police net. The police have told Appugol not to sell any of his properties until the cases registered against him were cleared. 

Some of his customers, who deposited in crores in his society expressed shock over the way Appugol continues to roam in posh cars and questioned the police as to why did it allow him to lead a lavish lifestyle. They have urged the police to immediately seize all his cars until he clears the dues.

The duped investors have decided to stage dharna in front of his house shortly. According to some customers, Appugol has again assured them that he would return their deposits by May 31.

It may be recalled that after duping investors, Appugol had closed all the branches of his society, spread across Belagavi district, he went absconding. Nearly a month later he was trapped by the police in Mumbai. However, after three months in jail, he got bail. 

Location: India, Karnataka, Belagavi