Belagavi: In the wake of the widely discussed ‘Shivam Associates’ fraud case, the Belagavi district administration has launched scrutiny of four more suspected financial companies allegedly involved in misleading investors with promises of unusually high returns.
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Deputy Commissioner Mohammed Roshan said the administration, along with the police department, has intensified vigilance to prevent financial fraud and protect citizens from unauthorized investment schemes. A special monitoring cell has been established in the district to identify and track suspicious financial organizations.
Addressing the media, the DC urged people to remain cautious while investing and avoid firms offering unrealistic monthly profits or high interest rates. He pointed out that no authorized or reputed bank offers returns exceeding 9 percent annually, warning citizens against schemes promising quick and excessive earnings.
According to officials, some companies are reportedly attracting investors by offering monthly returns of up to 5 percent. Based on complaints from the public and advertisements circulating on social media, digital investigations into four such firms have been initiated under the supervision of the Police Commissioner.
The administration stated that strict legal action will be taken against any institution found violating financial regulations once the inquiry reports are submitted.
Referring to earlier financial fraud cases reported in the district, the DC advised citizens to verify the registration and authenticity of companies before investing, especially in rural areas where attractive short-term schemes are often promoted.
The district administration reiterated its commitment to safeguarding investors’ interests and preventing large-scale financial fraud in Belagavi.
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