SOURCE :- SIASAT NEWS
In order to conduct an investigation into the alleged Rs. 20,000, the Enforcement Directorate ( ED ) conducted searches of properties linked to Shivam Associate Company owner Shivananad Neelannavar on Friday, August 7. 4,500-crore purchase fraud that allegedly affected over 40 000 owners.
Groups of ED representatives from Mangaluru and Goa searched the accused’s mansion in Shiv Basavanagar, another house in Badkundri town, and his business partner Subhash Nandargi’s Chikkodi mansion in Chikkodi.
Researchers questioned Neelannavar and his wife Sangeeta while conducting economic analysis, bank records, and electronic information to track down the funds flow and identify assets that the purchase scheme allegedly acquired.
Neelannavar reportedly mobilized thousands of billion from owners by offering exceptionally high earnings despite receiving neither regulatory nor regulatory authorization from the Reserve Bank of India or the Securities and Exchange Board of India. More than 40, 000 investors are alleged to have been drawn to the alleged system.
The Malamaruti Police Station in Belagavi, on May 15, was the location of the forgery case, which was then transferred to the CID for a thorough research.
After submitting a private friendship of Rupees. 3 million, Neelannavar, who was detained while conducting the analysis, was granted conditional loan from the 93rd City Civil and Sessions Court on July 13. Additionally, he was told not to abandon India without authorization by the court.
The ED will be working with the CID to track financial dealings and recover resources related to the alleged proceeds of crime. It is currently looking into whether the alleged fraud involved money fraud. The research into the notorious economic scam is still ongoing.
SOURCE : SIASAT
