Belagavi, August 11, 2026 (Yes Punjab News)
The Enforcement Directorate (ED), Mangaluru, has conducted searches at multiple premises in Belagavi, Chikkodi and Nipani linked to Shivam Associates, Shivananad Siddappa Neelannavar and other associated persons and entities in an alleged investment fraud and money-laundering case.
The searches were carried out on August 7 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement issued on Tuesday.
The ED investigation stems from an FIR registered at Malamaruthi Police Station in Belagavi City under the Banning of Unregulated Deposit Schemes Act, 2019, and the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004.
According to the FIR, members of the public were allegedly induced to invest money by promising them unusually high and assured returns.
The ED said its investigation found that Shivam Associates and associated persons and entities had allegedly mobilised substantial funds from a large number of investors. Preliminary scrutiny of bank accounts and financial records revealed extensive movement of funds through business, personal and intermediary accounts, including transfers to stock brokers, fixed deposits, related individuals and other beneficiaries.
The agency said it had identified a financial nexus involving Shivam Associates, Shivananad Siddappa Neelannavar, Subhash Ramagouda Nandaragi, Mahesh S. Neelannavar, Shivam Productions, Shivan Lifeline Pvt. Ltd., Shivam Sevaa (OPC) Pvt. Ltd. and other associated persons and entities.
According to the ED, Neelannavar allegedly attracted investors by promising returns of 3 per cent per month on their investments or deposits. The agency said he collected around Rs 2,110.97 crore from the public, of which repayments totalling approximately Rs 333.89 crore have been identified.
The ED said proceeds of crime amounting to about Rs 1,777.08 crore remain untraced.
The investigation also found that commission agents allegedly received 0.5 per cent commission for bringing investors into the scheme.
During the searches, the ED seized documents and digital evidence relating to the alleged generation, movement, layering and parking of proceeds of crime. Records concerning financial transactions, diversion and parking of funds, investments in immovable properties and dealings with associated individuals and entities were also recovered.
The agency said the seized material and digital evidence are being examined and further investigation is underway.
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