Belagavi: Officials from the district administration and the cooperation department on Thursday conducted raids on offices linked to Shivam Associates, owned by Shivanand Neelannavar, following complaints of an alleged Ponzi-style money circulation scheme involving thousands of crores. The raids were executed at two locations in Shiv Basav Nagar, attracting widespread public attention.
Details of the Raid
Acting on directives from Deputy Commissioner Mohammad Roshan, a team led by Assistant Commissioner Shravan Nayak performed a detailed inspection of financial transactions, investment records, and documents related to funds mobilised from the public. Sources confirmed that several key documents have been seized for further scrutiny. The crackdown comes amid growing scrutiny of Neelannavar, whose recent speeches have gone viral on social media and sparked controversy.
Allegations and Investor Impact
Shivam Associates is alleged to have collected substantial investments from the public, including retired Army personnel, by promising high returns. Preliminary findings suggest that around 45,000 individuals may have invested in the firm, raising concerns over potential large-scale financial irregularities. The investigation is ongoing to ascertain the extent of alleged misuse, which is suspected to run into several thousand crores.
Statements from Officials
Speaking to the media, AC Shravan Nayak said, “We are in the process of examining documents and gathering information. The exercise may continue till late in the night.” He added that Neelannavar is also being questioned regarding various financial transactions.
Controversial Background
At a recent programme, Neelannavar made claims about possessing 15,000 guns and building a vast personal empire, drawing sharp public reactions. His statements projecting himself as a future chief minister by winning all 224 Assembly seats in 2028, and claiming to be an incarnation of Lord Shiva, further intensified criticism. Meanwhile, preparations for a large-scale programme titled 'Swachha Belagavi,’ scheduled for May 17 under his leadership, were under way, reportedly aiming to mobilise around 25,000 participants. However, the district administration had already adopted a strict stance on permissions, unauthorised banners, and public gatherings linked to the event.
Ongoing Monitoring and Business Interests
Sources revealed that police intelligence had been monitoring Neelannavar’s activities for over a month, following complaints about an alleged Ponzi scheme. Investigations indicate that the firm had been operating for several years, with retired defence personnel forming a significant share of investors. It is also learnt that Neelannavar is involved in businesses such as import-export, commodity trading, and real estate. Sources further suggested that several influential individuals, including public representatives and officials, had invested in the firm and were reportedly receiving regular returns.
Security and Legal Actions
Senior police officers, including DCP (law and order) Narayan Baramani, ACP Santosh Satyanaik, and CPI BR Gaddekar, were present during the raid. A CRPF platoon was deployed to maintain security at the premises. The raids have added a new dimension to the case, and more details are expected to emerge as authorities continue scrutinising the seized records. Officials indicated that appropriate legal action will follow based on the outcome of the investigation.
