Digital Goa, May 16 – Police and district administration officials in Karnataka’s Belagavi district have arrested Shivanand Neelannavar, owner of the private investment firm Shivam Associates, after allegations surfaced that the firm raised funds from thousands of investors without mandatory approvals from the Reserve Bank of India or the Securities and Exchange Board of India. As per Karnataka police, the firm lured gullible investors with promise of high returns. Authorities suspect over 40,000 investors from Karnataka and Goa may be linked to the firm, though the final scale of the case will be determined after a detailed audit. Karnataka government has ordered a transfer of the investigation to the CID, following Shivananand’s arrest.
