Bengaluru, May 20: A significant investment fraud case has emerged in Belagavi, Karnataka. On Tuesday, a private complaint was filed against Shivananad Neelanna, the owner of Shivam Associates, at the Kagwad police station. He is accused of defrauding investors of crores of rupees. This incident has created a stir locally, as Neelanna has faced multiple allegations of large-scale fraud in the past.
The complainant, Krishna Appanna Aparaj, alleged that Neelanna lured him into investing ₹5 lakh by promising an annual interest rate of 36%. Aparaj reported that he deposited the total amount in several phases throughout April. The company assured timely returns of both interest and principal. However, after the due date, neither the interest nor the principal was returned.
The complaint further states that when investors sought their money, the accused adopted a evasive attitude and eventually ceased all communication. Aparaj has called this a clear case of fraud and is demanding legal action.
This case is particularly noteworthy as it marks the first official complaint registered against Shivananad Neelanna at the Kagwad police station. According to sources, several other investors have also reported losing large sums of money to Neelanna and his company. The Criminal Investigation Department (CID) has now taken over the investigation. CID teams have been conducting raids and interrogations at various locations over the past few days.
The Kagwad police acted swiftly on the complaint, registering a case under various sections of the Indian Penal Code. Police officials stated that a preliminary investigation has commenced, and the accused will soon be interrogated. Given the sensitivity of the case, police have urged other affected investors to come forward and file complaints.
The joint investigation by the police and CID is ongoing.
Arpit Soni has had a passion for journalism since the beginning. Now he has turned this hobby into his profession. Arpit, who is a resident of Udaipur, enjoys editing and writing news related to journalism. He has worked as a Senior Content Producer in several important roles at Bhaskar, Patrika, Pratahkal, Punjab Kesari, and Times. Arpit completed his schooling in Udaipur and Jaipur. He has been working in the media industry for more than 10 years, and his journey is still continuing. ✍️📚
Leave a Comment