Assistant Commissioner and Sub-Divisional Magistrate Shravan Nayak said the financial fraud cases involving Shivam Associates and Aditya are currently under investigation by the Criminal Investigation Department (CID).
He clarified that no decision on refunding investors’ money can be taken until the investigation is completed. Once the probe concludes, the authorities will collect the necessary documents from investors and initiate the refund process in accordance with the Karnataka Protection of Interest of Depositors in Financial Establishments (KPIDFE) Act.
According to Nayak, the CID is examining the complete trail of financial transactions, verifying investment records, and investigating the flow of funds. As part of the probe, police have also seized several vehicles linked to the case.
He added that only after the investigation is finalised and all required documents are obtained from investors and the concerned authorities can the process of considering refunds begin. The ongoing CID investigation is also expected to establish the exact amount collected, the total number of affected investors, and the overall scale of the alleged financial fraud.