Refunds begin for investors scammed by IMA- What about Sangolli Rayanna society?

A total of 65,358 people have sought refunds. After the IMA (I Monetary Advisory) went bust in 2019, the government attached properties worth Rs 475 crore. A special court has completed the formalities in respect of properties worth Rs 6.5 crore. “We will not wait for the full amount to come to us. We will start paying out from the Rs 6.5 crore available. The rst instalment will go through NEFT to the depositors’ bank accounts from March 12,” says Harsh Gupta, reports the Deccan Herald.

Where as 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 is a specialized financial investigation agency under the Department of Revenue has attached under PMLA (the The Prevention of Money-Laundering Act, 2002), immovable assets and balances in bank accounts totaling to 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 bikes worth Rs 41,35,000 of Anand Appugol with 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 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.

For the IMA scam which came to the fore in 2019, the refunds have already commenced and the first installment, a maximum of Rs 50,000 will be transferred to all eligible claimants by March 12.