A court in Bengaluru has ruled that the seized properties of the Sangolli Rayanna Cooperative Society, Belagavi, Karnataka should be auctioned, and the proceeds be paid to the depositors, reports Belgaum.com
The news has cheered up those who had deposited their money in the society. The Sangolli Rayanna Cooperative Society Ponzi scheme scam had broken out in 2017.
In September 2020, the Directorate of Enforcement attached immovable assets and balances in bank accounts totalling Rs. 31.35 crores of Anand Balakrishna Appugol, Chairman of Krantiveer Sangolli Rayann Co-operative Society, Belagavi and others in involved the Co-operative Society scam, reports the dotcom.