Firm offices raided over Ponzi scheme allegations

Belagavi: Officials from the district administration
and the cooperation department on Thursday raided offices linked to Shivam
Associates, owned by Shivanand Neelannavar, following complaints of an alleged
Ponzi-style money circulation scheme involving thousands of crores. The raid was carried out at two
offices in Shiv Basav Nagar, and triggered widespread public attention.

Acting on the directions of DC Mohammad Roshan, a team led
by 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 further
scrutiny. Shivam Associates is alleged to have collected substantial
investments from the public, including retired Army personnel, by promising
high returns. Preliminary findings suggest that around 45,000 individuals may
have invested in the firm, raising concerns over potential large-scale
financial irregularities. The investigation is ongoing to ascertain the extent
of alleged misuse, which is suspected to run into several thousand crores.

Speaking to the media, AC Shravan Nayak said, “We are in the
process of examining documents and gathering information. The exercise may
continue till late in the night.” He added that Neelannavar is also being
questioned 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 vast
personal empire, drawing sharp public reactions. His statements projecting
himself 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 district
administration had already adopted a strict stance on permissions, unauthorised
banners, and public gatherings linked to the event.

Sources revealed that police intelligence had been
monitoring Neelannavar’s activities for over a month, following complaints about
an alleged Ponzi scheme. Investigations indicate that the firm had been
operating for several years, with retired defence personnel forming a
significant share of investors.

It is also learnt that Neelannavar is involved in businesses
such as import-export, commodity trading, and real estate. Sources further
suggested that several influential individuals, including public
representatives and officials, had invested in the firm and were reportedly
receiving regular returns.

Senior police officers, including DCP (law and order)
Narayan Baramani, ACP Santosh Satyanaik, and CPI BR Gaddekar, were present
during the raid. A CRPF platoon was deployed to maintain security at the
premises.

The raids have added a new dimension to the case, and more
details are expected to emerge as authorities continue scrutinising the seized
records. Officials indicated that appropriate legal action will follow based on
the outcome of the investigation.