Head of Sangolli Rayanna Co-Operative Credit Society, Anand Appugol Gets Bail

Belagavi/Dharwad: Sangolli Rayanna Co-Operative Credit Society’s Managing Director, movie producer Anand Appugol released on bail here on Thursday following an order from local court here in Dharwad. He was under police custody for nearly two months after he failed to repay the cash to the customers who deposited the sum in his bank.  Anand is reportedly failed to repay the deposit of Rs 300 crore to his cooperative society customers.

He was arrested on September 18in Mumbai following the complaints from the customers of Sangolli Rayanna Co-Operative Credit Society after it failed to repay their savings as assured period. 

The co-operative was functioning for more than 15 years in Belagavi and other parts of the state with more than 40 branches. The society shut its operation recently after it failed to repay the savings to its customers following unknown reasons.