Belagavi: The district administration has intensified its crackdown on fraudulent deposit schemes following raids on Shivam Associates and Adityaraj Capital, with three more firms now under investigation for allegedly operating Ponzi-style schemes.
Source : https://timesofindia.indiatimes.com/city/hubballi/ponzi-net-tightens-3-more-firms-under-scanner-in-belagavi/articleshow/131570355.cms
Deputy Commissioner Mohammad Roshan said authorities have tracked the firms’ bank transactions, investment patterns and fund flows, and action against them is likely within the next two weeks. He urged investors to verify the authenticity and regulatory approvals of financial firms before investing.
The two firms already raided are accused of mobilising deposits from thousands of investors by promising unusually high monthly returns of 3–5%, raising concerns over the legality and sustainability of their operations.
Meanwhile, CID DIG Bhimashankar Guled expressed concern that some investors continue to transfer money online to Shivam Associates despite raids and the freezing of its operations. Public Works Minister Satish Jarkiholi said he would direct investigating agencies to expedite the probe and prioritise the recovery and return of funds to genuine depositors.
The emergence of multiple alleged financial frauds in Belagavi has triggered anxiety among investors, many of whom have invested substantial sums in these schemes.
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