Court orders to auction properties of Krantiveer Sangolli Rayanna Co-Op Society; repay depositors

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This is some good news to the ears of those depositors who had deposited their hard-earned money in the Sangolli Rayanna Cooperative Society Belagavi, the Court in Bengaluru has ordered that the seized properties should be auctioned, and then the proceeds may be paid out to the depositors.

The Sangolli Rayanna Cooperative Society Ponzi scheme scam broke out somewhere before September 2017. Anand Appugol the Chairman of Shri Krantiveer Sangolli Rayanna Co-Operative Credit Society who was missing since was nabbed by the Karnataka Police in Mumbai and he is been brought to Belagavi on September 18, 2017.

In September 2020, the Directorate of Enforcement a specialized financial investigation agency under the Department of Revenue attached under PMLA (The Prevention of Money-Laundering Act, 2002), immovable assets and balances in bank accounts totaling Rs. 31.35 crores of Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayanna Co-operative Society, Belagavi, and others in the Co-operative Society fraud case.


Police have seized cars and bikes worth Rs 41,35,000 of Anand Appugol with a case registered at Khade Bazar police station related to non-repayment of deposits of Krantiveer Sangolli Rayanna credit cooperative society on Jun 2, 2018. This includes a Fortuner car, Innova, Qualis, and 30 two-wheelers.

On February 25, 2021, the ED issued a list of Properties of Anand Appugol of Sangolli Rayana cooperative bank taken under possession.

5 thoughts on “Court orders to auction properties of Krantiveer Sangolli Rayanna Co-Op Society; repay depositors”

  1. Actual date of court order and case no to Auction property BELONGS to Anand Appugol chairman KRANTIVEER SANGOLLI RAYANNA CO OP SOCIETY BELGAUM AND PAY TO DEPOSITORS


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