Yet another case of cheating depositors and tarnishing the name of co-ops has come from Bengaluru wherein the name of Krantiveer Sangolli Rayanna Urban Co-operative Credit Society, a deposit of more than Rs 250 was collected from gullible people.
Promising to give back the money at a higher return, the chief promoter Anand Balakrishna Appugol diverted funds to his own needs. He has been arrested and has been put under ED remand for a week.
According to officials, the accused, through society, had collected around Rs 250 crore of deposits till March 2017 from more than 26,000 public depositors.
A cooperator like Anand Balakrishna Appugol is a scar on the name of co-operators, said, several people. They wanted stringent punishment for him.