Anand Appugol, accused of swindling depositors’ money in the Sri Krantiveer Sangolli Rayanna credit cooperative society had many properties in around 16 names.
110 properties were seized and after all the legalities the Registrar is gearing up to sell these properties and return the money of the depositors.
Now the court order is awaited for the auctioning of these properties and after the realization of the funds, the hapless depositors whose hard money was siphoned off would be returned.
Appugol had cheated thousands of customers to the tune of Rs 250 crore as per sources. He was arrested and also let out on bail.
The 110 properties include some lavish bungalows and farmhouses, in the state.
The duped investors had demanded that Govt should sell his assets to settle their dues. Moreover, since Appugol had bought many of his properties under the name of his close associates and relatives, it was difficult to sell them off. But now some of those hurdles have been crossed and the depositors can now think of at least getting back some of their funds back.
Are these properties to be auctioned include those properties in the name of his relatives, close associates, society ‘ s officers and benami? Court will be able to repay reasonable amount to depositors only after selling of all such properties including Apugol’s residential house and his and his wife’s share in their ancestral properties.
Why some ? Property will be sold at a high price. There has to be profit. 😉