ED arrest Kannada movie producer in Rs 250 crore co-operative society scam in Karnataka
New Delhi, Jan 6: The Enforcement Directorate (ED) on Thursday said it has arrested the chairman of a Belagavi-based cooperative credit society in connection with a money laundering case linked to alleged duping of depositors of Rs 250 crore.
Anand Balakrishna Appugol, the chairman of Krantiveer Sangolli Rayanna Urban Cooperative Credit Society in Karnataka, was arrested on Wednesday, the agency said in a statement.
He was produced before a special Prevention of Money Laundering Act (PMLA) court in Bengaluru on Thursday which sent him to seven days of ED custody, it said.
He has also produced the Kannada film ‘Krantiveera Sangolli Rayanna’ starring Darshan Thoogudeepa.
Prima facie, the ED said, a probe found that the society had collected around Rs 250 crore deposits till March, 2017 from more than 26,000 people by promising them that their money will be returned along with high rate of interest.
"However, the society failed to return the money to the public depositors in time and committed breach of trust and cheated the public at large," it alleged.
Funds of the society were "siphoned off" in the form of immovable and movable properties resulting in depositors suffering huge losses, it said.
The agency's case was filed after studying a Belagavi police FIR against Appugol and 15 others.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Andhra Cabinet approves allocation of 21 acres in Vizag to TCS at token lease prise of 99 paise
Amaravati, April 15 (PTI): The Andhra Pradesh Cabinet approved the allocation of 21.16 acres of land to TCS in Visakhapatnam on Tuesday, at a token lease price of 99 paise.
The land, located on IT Hill Number 3, will be used by the tech giant for an IT campus, where TCS is expected to invest Rs 1,370 crore. This project is set to generate 12,000 jobs.
"Cabinet approved the allocation of 21.16 acres of land to TCS at Visakhapatnam IT Hill Number 3 for setting up an IT campus to generate 12,000 jobs," stated an official press release.
Additionally, the Cabinet approved a proposal from Mahamaya Industries Ltd to expand an integrated steel plant in Vizianagaram, among other matters.
