Belagavi: Officials from the district administration and the cooperation department on Thursday raided offices linked to Shivam Associates, owned by Shivanand Neelannavar, following allegations of a large-scale Ponzi-style money circulation scheme.
Source : https://timesofindia.indiatimes.com/city/hubballi/firm-offices-raided-over-ponzi-scheme-allegations/articleshow/131097384.cms
The raids were conducted at two offices in Shiv Basav Nagar on the directions of Deputy Commissioner Mohammad Roshan. A team led by Assistant Commissioner Shravan Nayak inspected financial records, investment documents, and transactions related to funds collected from the public. Officials reportedly seized several important documents for further investigation.
According to preliminary findings, nearly 45,000 people, including retired Army personnel, are believed to have invested in the firm after being promised high returns. Authorities suspect financial irregularities involving several thousand crores.
Speaking to the media, AC Shravan Nayak said the verification process was ongoing and may continue late into the night. He also confirmed that Neelannavar was being questioned regarding multiple financial transactions.
The raids come amid growing controversy surrounding Neelannavar over his recent public speeches and claims circulating on social media. Police sources said his activities had been under surveillance for over a month following complaints related to the alleged scheme.
Senior police officials, including DCP Narayan Baramani, ACP Santosh Satyanaik, and CPI BR Gaddekar, were present during the operation, while a CRPF platoon was deployed for security.
Officials stated that further legal action will be taken based on the findings of the ongoing investigation.
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