Belagavi: Authorities have intensified the investigation against businessman Shivanand Neelannavar after allegedly uncovering illegal financial transactions worth thousands of crores, creating panic among investors.
For more details : https://pragativahini.com/shivananda-nilannas-office-flat-seized-investigation-continues/
During raids conducted in Belagavi, officials sealed three offices and several flats linked to Neelannavar. Computers, laptops, important documents, bonds worth hundreds of crores, and mobile phones were seized for technical and financial investigation.
According to sources, Neelannavar reportedly told investigators that nearly 35,000 investors were involved and that financial transactions worth around ₹2,500 crore had taken place. Officials suspect the operations were conducted online without obtaining mandatory approvals from the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI).
Investigators have already frozen four bank accounts connected to the accused, which reportedly contain deposits of nearly ₹400 crore. Authorities are now tracing the remaining funds and identifying the accounts to which the money was transferred.
Given the scale of the alleged fraud, the case is likely to be handed over to the CID for a detailed probe. Tight police security has been deployed near Neelannavar’s residence and offices in Shivabasava Nagar under the Malmaruti Police Station limits in Belagavi.
Officials are expected to continue questioning the accused, and more crucial details may emerge in the coming days.
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