Belagavi: Authorities in Belagavi have conducted raids on two more finance firms—City Index and Grodhan LLP—for allegedly collecting crores of rupees from the public by promising unusually high monthly returns of 4–5%.
For more details : https://pragativahini.com/accused-of-offering-high-interest-two-more-companies-raided-in-belgaum/
The raids were carried out on Friday night by a joint team comprising officials from the Revenue, Cooperation and Police departments. The operation was led by Sub-Divisional Officer Shravan Kumar Nayak under the directions of Deputy Commissioner Mohammad Roshan. Simultaneous inspections were conducted at Grodhan LLP’s office in Tilakwadi and City Index’s office on Mahatma Phule Road.
According to officials, preliminary investigations revealed that Grodhan LLP collected nearly ₹38 crore from around 1,100 investors, while City Index mobilised approximately ₹30 crore from about 1,500 investors. Authorities are scrutinising financial records, investor details and other documents to determine whether the firms violated financial regulations.
Officials said Grodhan LLP allegedly accepted money as private loans from investors, while City Index reportedly raised funds through debentures. The legality of these transactions, including the company’s regulatory compliance, is under detailed examination.
A preliminary report on Grodhan LLP will be submitted to the Deputy Commissioner, while the inspection of City Index will continue. Further legal action will be initiated based on the findings of the investigation.
Police have registered cases in the Tilakwadi and Shahapur police station limits in connection with the alleged misuse of public funds.
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