A team of officials led by Belagavi Sub-Divisional Officer (SDO) Sharavan Nayak conducted a raid on Adityaraj Capital Private Limited in Bhagyanagar on Thursday, following allegations of cheating depositors and illegally mobilising public funds.
The company is accused of collecting deposits from members of the public without providing adequate security and luring investors with promises of unusually high returns. Authorities suspect that the funds collected were diverted for purposes other than those represented to depositors.
A complaint against the firm had been lodged with the Karnataka Protection of Interest of Depositors (KPID) authorities and the BUDS Cell. Acting on the complaint, the SDO-led team inspected the company’s office and examined financial and business records.
According to preliminary findings, Adityaraj Capital Pvt. Ltd. reportedly operated across Maharashtra, Gujarat, Rajasthan and Karnataka, offering returns of up to 5 per cent per month to attract investors. Investigators have reportedly uncovered records relating to more than 3,500 investors.
Sources indicate that depositors from Haliyal and Dandeli may also have been affected, prompting demands for a wider investigation into the company’s activities in those areas.
Personnel from the Tilakwadi Police Station provided security during the operation.
Officials are now scrutinising the company’s financial transactions, investment practices and the utilisation of depositors’ funds. More details are expected to emerge as the investigation progresses.