Depositors slam registrar of societies

BELAGAVI: Thousands of depositors directed their wrath against officers of the Registrar of Cooperative Societies for the fraud of film producer Anand Appugol-led Krantiveer Cooperative Credit Society to the tune of Rs 232 crore.
Apart from Krantiveer Society, Appugol and his family run Bhimambika and Gajaraj cooperative credit societies. The state government has handed over the investigation of the case to the and is mulling over giving the other two case too. Around 6,000 cases have been lodged by depositors against Appugol and the court has issued over 100 arrest warrants. and his wife are currently in jail.

On Tuesday, depositors of all three societies led by advocate SV Khanagoudar, convener of Bharatiya Matadar Vedike, protested at the offices of joint registrar and deputy registrar of cooperative societies here, holding the officers responsible for the fraud.

According to the depositors, the Karnataka State Souhard Federal Cooperative Limited had registered a complaint against all three credit societies in 3rd JMFC court in 2012 for misuse of Rs 50 crore.

They claimed that the authorities kept this issue hidden from depositors. The members, unaware of the status of societies, continued depositing money till 2017.

Depositors also accused officers for not conducting a proper audit of societies for many years, which could had revealed their financial status.

They also said there are no proper addresses of directors of the societies and there are other violations which the officers should have looked into. This shows a clear lapse on their part, they alleged.

Khanagoudar demanded auctioning the properties of presidents, vice-presidents and directors of all three societies immediately and return the money of depositors. Besides, he demanded registering criminal cases against the president and MD of Karnataka State Souhard Federal Cooperative Limited alleging that they are equally responsible for the fraud.

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