New Delhi: The Enforcement Directorate (ED) on Thursday said it attached 31 immovable assets and balances in 32 bank accounts amounting to Rs 31.35 crore of Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayanna Co-operative Society, Belagavi City, Karnataka, and his associates in a Rs 232 crore money laundering case.
The ED said the attached immovable properties were in the form of agricultural land, commercial complexes and house held in the name of Appugol, Prema Appugol, Shivmurthy Chivgol, Sanjay Patil and Mahantesh Angadi, all residents of Belgaum and related entities.
The ED has registered a case based on the FIR registered at Khadebazar Police Station in Belagavi City against Appugol and 15 others for embezzling more than Rs 232.69 crore collected from more than 1,300 members through fixed deposits promising them a high rate of interest ranging from 12 to 16 per cent per annum.
“The accused persons did not return the money to the public in time and committed breach of trust and cheated public at large,” the ED added.
Appugol and his secretary were lodged in the Central Jail at Belgaum.
During investigation it was revealed that between August 12, 2017 and September 1, 2017, Appugol colluded with others to divert funds and large sums collected from the gullible investors, the ED said.
“These funds were further layered into immovable properties in name of accused Appugol and others,” the ED added.
The ED said the investigation so far led to identification of the proceeds of crime in the form of 31 immovable properties consisting of agricultural land, commercial complexes, house, etc. in Belgavi district held in the name of Appugol, his wife Prema Appugol, Shivmurthy Chivgol (both Directors), Mahantesh Angadi , Assistant Secretary of the society and Sanjay Patil, a close associate of the accused Anand Appugol and others.
These identified immovable assets along with balances lying in 32 bank accounts have been provisionally attached under PMLA.
