ED launches probe into financial irregularities at Belgavi-based Shivam Associates
The Enforcement Directorate has launched an investigation into Shivam Associates, a Belagavi-based firm accused of running a massive ponzi scheme. Authorities allege the firm collected over ₹3,500 crore from 40,000 investors under false pretenses.
Why it matters
Large-scale financial fraud cases impact thousands of retail investors and highlight the need for stricter financial oversight.
Enforcement Directorate (ED) launched an investigation into allegations of large-scale financial irregularities at Belagavi-based Shivam Associates.
The officials inspected the houses and offices of promoter Shivanand Neelannavar, his wife and relatives on Friday.
A few months ago, the Belagavi police arrested Neelannavar on charges of running a ponzi scheme.
Initial investigation by the police, revenue and cooperation department officials indicated that Neelannavar had collected over ₹3,500 crore from nearly 40,000 persons promising interest of over 35%. The case was later handed over to the Crime Investigation Department.
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