BELAGAVI
Panic and uncertainty have gripped several families from Belagavi and Goa region after a massive financial investigation linked to Shivam Associates in Belagavi exposed alleged irregularities estimated to be worth nearly Rs 4,600 crore.
Activists and investigators claim that a significant number of investors from Goa, including retired employees, ex-servicemen and small businessmen, may have invested large sums in the scheme over the past several years.
The controversy erupted after Belagavi Deputy Commissioner Mohammed Roshan ordered an urgent inquiry into the operations of Shivam Associates following allegations that the firm had collected public money without adhering to mandatory Reserve Bank of India and SEBI regulations.
As the scale of the suspected fraud expanded, authorities indicated that the probe may soon be transferred to the CID, with a specialised investigation team expected to take over the case.
According to official sources, nearly 45,000 investors are believed to be connected to the network, with many reportedly hailing from Goa and border areas adjoining Belagavi district.
Authorities have already sealed three offices and several flats linked to Shivam Associates and its promoter Shivananad Neelannavar after allegations surfaced that the company mobilised between Rs 2,500 crore and Rs 4,600 crore through unauthorised investment schemes.
During late-night raids conducted on Thursday and throughout Friday, officials seized computers, laptops and bond papers reportedly worth hundreds of crores from premises linked to the accused.
Investigators also froze four bank accounts after reportedly discovering deposits amounting to nearly Rs 400 crore. Officials are now attempting to trace the movement of the remaining funds and identify where the money may have been diverted.
The developments have caused concern among investors from Belagavi, Goa and neighbouring areas, many of whom are feared to have invested their life savings after being lured by promises of unusually high returns.
Social activists from the border region claimed that agents associated with the firm had actively approached investors in Goa and neighbouring areas.
Whistle blower and RTI activist Rajkumar Topannavar described the case as the “largest financial fraud in Belagavi’s history” and demanded a high-level investigation.
He alleged that several innocent citizens, including many Goans and ex-servicemen, had become victims of alleged ponzi-style schemes operated without proper authorisation.
Topannavar further urged authorities to investigate other firms allegedly offering similar high-return investment schemes in Belagavi.
Meanwhile, the Malmaruti Police and Revenue Department continue their investigation as fear spreads among thousands of investors anxiously awaiting clarity on the fate of their money.
