Head of Sangolli Rayanna Co-Operative Society, Anand Appugol Arrested in Mumbai

Mumbai/Belagavi: Sangolli Rayanna Co-Operative Credit Society’s Managing Director, movie producer Anand Appugol reportedly arrested in Mumbai by a police team from Belagavi on Monday. He is being questioned by the police to know the reason which resulted in a failure to repay the savings worth Rs 300 crore of his cooperative society customers.

Annad Appugol is expected to be produced before a sessions court judge on Monday evening for further legal proceedings. He was arrested following the complaints from the customers of Sangolli Rayanna Co-Operative Credit Society after it failed to repay their savings as assured a few months ago.  

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