3 weeks ago
ED Search at Shivam Associates Owner's Premises Continues Second Day
A company called Shivam Associates in Belagavi, India, is accused of taking money from lots of people and promising they would earn big profits.
People called the Enforcement Directorate, whose job is to find money crimes, are searching the company owner's office and home.
They are helped by police officers from a group called the CRPF.
The owner's name is Shivanand Neelannavar.
He was not there, so the officers talked to his wife and brother instead.
The police say the company collected about 2,400 crore rupees from more than 40,000 people.
A big part of that money was put into the stock market, where about 170 crore rupees was lost.
The officers want to find out where all the money went.
The Enforcement Directorate (ED) continued its second-day search at the M.S. Tower premises of Shivam Associates owner Shivanand Neelannavar in Belagavi under CRPF security cover.
The ED has registered an FIR over alleged illegal money transfers linked to the case and is focusing on the money trail of investor funds.
Shivam Associates is accused of collecting around Rs 2,400 crore from more than 40,700 investors by promising lucrative returns.
Around Rs 540 crore of the collected funds was reportedly invested in the stock market, resulting in an estimated loss of Rs 170 crore.
Neelannavar, who was arrested after a raid on May 15 and is currently out on bail, was not present during the searches; his wife and brother were brought to the premises.
- Who
- The Enforcement Directorate (ED), investigating Shivam Associates owner Shivanand Neelannavar and his business partner Subhash Nandaragi.
- What
- A second-day search and document verification operation over an alleged multi-crore financial fraud involving deposits collected from investors.
- Where
- The M.S. Tower premises in Shivabasavanagar, Belagavi, Karnataka; earlier searches also covered Badakundri village and Chikkodi.
- When
- Saturday, the second consecutive day of searches, with document examination having begun on Friday.
- Why
- The ED is probing alleged illegal money transfers and the money trail behind around Rs 2,400 crore reportedly collected from more than 40,700 investors.
Key facts
- Company
- Shivam Associates
- Owner
- Shivanand Neelannavar (currently out on bail)
- Alleged amount collected
- Around Rs 2,400 crore
- Investors affected
- More than 40,700 people
- Stock market investment
- Around Rs 540 crore, with an estimated loss of Rs 170 crore
- Search locations
- M.S. Tower, Shivabasavanagar; Badakundri village; Chikkodi
- Agencies involved
- Enforcement Directorate (ED), CID, with CRPF security cover
- Earlier raid
- May 15, conducted by district administration and police
Sources
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