Belagavi, Sep 20 (DHNS): Sleuths of the City Crime Branch (CCB) police are questioning Sangolli Rayanna Urban Cooperative Credit Society chairman and film producer Anand Appugol in connection with the financial irregularities in over 50 branches of the Society.

He is giving details on how he made use of the deposits worth over Rs 300 crore. The CCB police have subjected him to continuous interrogation since Monday evening and he has claimed to have invested the deposits collected in real estate to purchase properties.

He faced difficulties in disposing of these properties due to demonetisation.

Appugol was sent to a four-day police custody after he was produced before the 3rd Additional Judicial Magistrate First Class Court on Monday.

Police could not check the veracity of the revelations made by the accused in view of the government holiday on Tuesday.

CCB police had picked Appugol, who was hiding at a relative’s apartment at Panvel near Mumbai, on Sunday.

The police had launched a manhunt ever since his anticipatory bail application was rejected by the 10th Additional District and Sessions Court on September 10.

Appugol and other directors are accused of indulging in large-scale financial irregularities. All the branches of the society are shut for a month now, while the depositors are running from pillar to post to get back their money.

The Society had lured the depositors with high interest rates, following which huge deposits were made. The inquiry against the Society was initiated after the officials of the cooperation department filed a complaint with the police.