Firm offices raided over Ponzi scheme allegations

Belagavi: Officials from the district administrationand the cooperation department on Thursday raided offices linked to ShivamAssociates, owned by Shivanand Neelannavar, following complaints of an allegedPonzi-style money circulation scheme involving thousands of crores. The raid was carried out at twooffices in Shiv Basav Nagar, and triggered widespread public attention. Acting on the directions of DC Mohammad Roshan, a team ledby AC Shravan Nayak conducted a detailed inspection of financial transactions,investment records, and documents related to funds mobilised from the public.Sources confirmed that several key documents have been seized for furtherscrutiny. Shivam Associates is alleged to have collected substantialinvestments from the public, including retired Army personnel, by promisinghigh returns. Preliminary findings suggest that around 45,000 individuals mayhave invested in the firm, raising concerns over potential large-scalefinancial irregularities. The investigation is ongoing to ascertain the extentof alleged misuse, which is suspected to run into several thousand crores. Speaking to the media, AC Shravan Nayak said, “We are in theprocess of examining documents and gathering information. The exercise maycontinue till late in the night.” He added that Neelannavar is also beingquestioned regarding various financial transactions.The crackdown comes amid growing scrutiny of Neelannavar,whose recent speeches have gone viral on social media and sparked controversy.At a programme, he made claims about possessing 15,000 guns and building a vastpersonal empire, drawing sharp public reactions. His statements projectinghimself as a future chief minister by winning all 224 Assembly seats in 2028,and claiming to be an incarnation of Lord Shiva, further intensified criticism.Meanwhile, preparations for a large-scale programme titled'Swachha Belagavi,’ scheduled for May 17 under his leadership, were under way,reportedly aiming to mobilise around 25,000 participants. However, the districtadministration had already adopted a strict stance on permissions, unauthorisedbanners, and public gatherings linked to the event. Sources revealed that police intelligence had beenmonitoring Neelannavar’s activities for over a month, following complaints aboutan alleged Ponzi scheme. Investigations indicate that the firm had beenoperating for several years, with retired defence personnel forming asignificant share of investors.It is also learnt that Neelannavar is involved in businessessuch as import-export, commodity trading, and real estate. Sources furthersuggested that several influential individuals, including publicrepresentatives and officials, had invested in the firm and were reportedlyreceiving regular returns.Senior police officers, including DCP (law and order)Narayan Baramani, ACP Santosh Satyanaik, and CPI BR Gaddekar, were presentduring the raid. A CRPF platoon was deployed to maintain security at thepremises. The raids have added a new dimension to the case, and moredetails are expected to emerge as authorities continue scrutinising the seizedrecords. Officials indicated that appropriate legal action will follow based onthe outcome of the investigation.