After arresting the absconding Anand Appugol from Panvel near Mumbai, the special police team produced him in-front of the JMFC 3 court, where he was remanded to 4 days of police custody.
Anand Appugol the Chairman of Shri Krantiveer Sangolli Rayanna Co-Operative Credit Society who was missing since a fortnight and from the past several months the depositors of Shri Krantiveer Sangolli Rayanna Co-Operative Credit Society were not able to get back their deposits even after maturity and the amount is the tune to Rs.300 crores.
Appugol had said that he was in a financial crisis and hence needs more time to repay, but he did not give any concrete plan.
Each day hundreds of depositors gather infront of the main office on Swami Vivekanand road but with no one to open the doors the 52 branches of the society have been closed now.
Will his arrest give some solace to the depositors only time will tell.