The Shivam Associates investment scam case has taken a new turn with a farmer from Kagwad approaching the police alleging that he was cheated after investing money in the firm run by Shivanand Neelannavar.
Krishna Appanna Apraj lodged a complaint at Kagwad Police Station stating that he had invested nearly ₹5 lakh in Shivam Associates (ACCUMEN) after being assured of 36% annual returns.
According to the complaint, the promised returns were never paid and the invested amount was also not returned.
Police sources said this is the first case in which an investor himself has directly approached the police against the firm. Earlier, the investigation had begun based on findings from an official inquiry conducted by government authorities into the company’s operations.
Meanwhile, the case has now been handed over to the CID after investigators found that the alleged financial transactions exceeded ₹50 crore.
A CID team headed by Deputy Inspector General of Police Bheemashankar S. Guled has reached Belagavi and started further investigation into the matter. Local police officials are assisting the CID team in the probe.
Shivanand Neelannavar, who was arrested earlier in connection with the alleged scam, has already been remanded to police custody for 10 days by a local court.
Authorities suspect that Shivam Associates collected money from thousands of people across different regions by offering unusually high returns through unauthorised investment schemes.