In a major setback for Krantiveera Sangolli Rayanna Urban Co-operative Credit Society Belagavi depositors, the Special Officer and Competent Authority (Under KPIDFE—IMA & Other Scams) have rejected a few deposit recovery applications. Several depositors in Belagavi have received rejection letters from the Special Officer’s office in Bengaluru, adding to their anxiety and uncertainty.
The rejection letters started arriving in the first week of February, leaving depositors questioning their next steps to recover their hard-earned money.
Many depositors are now left in distress, unable to understand why their fixed deposit receipts are not considered valid proof of their investment.
“The receipt of the deposit is what we have, and we submitted that. Now that the application is rejected, what else can we give them? Isn’t the deposit receipt the major proof that a person has deposited money in society? We had small earnings, and we deposited them here as a fixed deposit for our future,” said a crying and demoralized depositor who is now unsure if they will ever get their money back.
Why Were Applications Rejected?
According to sources, the primary reason cited for rejection is “unsatisfactory evidence” attached to the applications. It is reported that depositors who invested via cash transactions have been affected the most. Meanwhile, those who deposited money via cheques and provided bank proof of their transactions have had their applications approved.
Will Depositors Get Their Money Back?
The society’s president Anand Appugol and other directors’ assets have been seized as part of the scam investigation. However, the auctioning process to recover funds has seen little progress, leaving depositors in limbo. With the scam amounting to approximately ₹400 crore, uncertainty looms over whether depositors will receive their money.
Depositors had to travel to Bengaluru in December 2023 to submit their applications, as no facility was available locally. After waiting for over a year, they have now been informed of their rejection, further deepening their troubles.
The exact number of affected depositors is unclear, but the situation has raised serious concerns about justice for those who lost their savings.
What’s next for the depositors? That remains the biggest question.
SPECIAL OFFICER & COMPETENT AUTHORITY
(IMA & Other KPIDFE cases) Government of Karnataka
| Sri. Sudharshan,KAS,. | currently working as Assistant Commissioner-2 in Special Officer & Competent Authority | 080-29565353 | [email protected] |