Anand Appugol, who has been in the news for duping his depositors of Sangolli Rayanna Co-op Society has been sent to judicial custody upto Oct 4 by the 3rd JMFC court.
Appugol had got a stay on the Fir filed by the Co-op society on which grounds he has been arrested as of now, but the High court has stayed that FIR and said they should first investigate the matter.
The bail plea will be heard on Monday as Appugol’s lawyers could not get the bail court order as of now.
It is also heard that one more Fir has been filed at Udyambag police station against Appugol for not returning his money.
In the current FIR the registrar had no authority/locus standi to lodge a criminal complaint, they should have filed a civil one. But if there are other complaints by customers this stay will not help and Police will have to detain him in those cases.
Anand Appugol has to return deposits of investors upto the tune of Rs.300 crores according to sources.