ED finds over ₹1,777cr unaccounted in Shivam Associates probe
The Enforcement Directorate (ED) has uncovered over ₹1,777 crore in unaccounted money while investigating Shivam Associates, a finance firm from Belagavi.
The ED initiated the investigation based on an FIR registered at Malamaruthi Police Station, Belagavi city, under the Banning of Unregulated Deposit Schemes Act, 2019, and the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004.
Promoter Neelannavar allegedly collected ₹2,110.97cr
Shivam Associates's promoter, Shivanand Siddappa Neelannavar, allegedly promised people 3% monthly returns and collected approximately ₹2,110.97 crore. Only about ₹333.89 crore was actually paid back.
The ED also found links to other companies and seized documents showing money was moved around through stockbrokers, fixed-deposit accounts, related persons, and other beneficiaries, and records relating to investments in immovable properties.
Further investigation is under way, so more details could drop soon, reminding us why tighter checks on financial firms really matter.