Anand Appugol, Kannada producer and the chairman of Sangolli Rayanna Credit Cooperative Society, was arrested by Belagavi police in Mumbai on Monday, September 18. He is alleged to have swindled money to the tune of Rs 300 crore.
His customers demanded him to pay their matured amount a few months ago and he had requested them to give me some time owing to the huge losses he suffered due to the demonetisation. Anand Appugol informed them that his intentions were never to cheat and promised the investors to return their money back. But weeks later, he went missing.
The customers had held protests rally against him and petitions were filed against him thereby drawing the attention of the state government, which ordered the inquiry on its operations. The registrar charged him with breach of trust, violation of provisions of the Cooperative Act among other things, reports The Hindu.
Anand Appugol is remanded in police custody for four days after they produced him before the court. Sources close to Deccan Chronicle have claimed that the producer invested the money in real estate on a large scale and purchased lands, mansions, etc. He posses SUVs and known for leading colourful life.
The society has over 50 branches, which have been established in the last two decades.
Anand Appugol shot to limelight after producing Kranthi Veera Sangolli Rayanna, which was said to be the costliest Kannada film at that time. It was a blockbuster film that was made on the freedom fighter of the same name in which Darshan played the lead.
