The Criminal Investigation Department (CID) has launched a comprehensive probe into a major financial fraud case in Belagavi, with active assistance from the Maharashtra police. According to CID officials, the accused company allegedly collected approximately Rs 2,400 crore from the public through deceptive investment schemes.
Scope of the Fraud
The company, which operated primarily in the Belagavi region, lured thousands of investors with promises of high returns. The CID has revealed that the fraud involved a complex network of transactions and multiple shell companies. The total amount collected from the public is estimated to be around Rs 2,400 crore, making it one of the largest financial frauds in the state's history.
Investigation Details
The CID is working closely with the Maharashtra police to trace the flow of funds and identify all individuals involved. Several bank accounts and properties have already been frozen as part of the investigation. The authorities are also examining digital evidence, including financial records and communication logs, to build a strong case.
“We are coordinating with the Maharashtra police to ensure a thorough investigation,” a senior CID officer said. “The accused used sophisticated methods to divert funds, and we are leaving no stone unturned.”
Impact on Investors
Thousands of investors, many of whom were small savers, have been left in financial distress. The CID has urged all affected individuals to come forward with their investment details. A helpline has been set up to assist victims in filing complaints.
The case has also raised concerns about regulatory oversight, with many questioning how such a large-scale fraud went undetected for years. The CID is expected to submit a detailed report to the court soon.
