<p>Belagavi: The Mal-Maruti police on Friday night arrested Shivanand Neelannavar, the proprietor of Shivam Associates, accused of cheating crores of rupees to its depositors.</p>.<p>Deputy Commissioner Mohammad Roshan told reporters here on Saturday that more than 35,000 depositors are suspected to have been cheated and the magnitude of the scam is estimated to exceed Rs 50 crore based on prima facie information. He added that the case was being transferred to the CID for investigation. </p>.<p>He said that a cell has been established in his office under the Karnataka Protection of Interests of Depositors (KPID) Act and the Banning of Unregulated Deposit Schemes Act (BUDS) to safeguard the interests of depositors. </p>.Mangaluru Police bust biggest ever investment fraud operation run from Nepal.<p>Commissioner of Police Bhushan Borase said the police had been closely tracking the activities of Neelannavar and his firm.</p>.<p>“We had sought information from SEBI and RBI regarding the firm’s operations. SEBI had also written to the CID seeking an investigation into the matter,” he said.</p>.<p>Borase said a viral video in which the accused allegedly claimed to possess 15,000 guns had raised suspicion and prompted police to intensify the probe.</p>.<p>Police have seized documents and digital devices from the firm’s premises. According to the firm’s balance sheet, its annual turnover was reportedly between Rs 300 crore and Rs 400 crore.</p>.<p>He said that the accused was not cooperating with investigators and had claimed that the collected money was invested in FMCG businesses, fisheries and real estate ventures. “We are seeking police custody of the accused for further investigation,” <br />he said.</p>
<p>Belagavi: The Mal-Maruti police on Friday night arrested Shivanand Neelannavar, the proprietor of Shivam Associates, accused of cheating crores of rupees to its depositors.</p>.<p>Deputy Commissioner Mohammad Roshan told reporters here on Saturday that more than 35,000 depositors are suspected to have been cheated and the magnitude of the scam is estimated to exceed Rs 50 crore based on prima facie information. He added that the case was being transferred to the CID for investigation. </p>.<p>He said that a cell has been established in his office under the Karnataka Protection of Interests of Depositors (KPID) Act and the Banning of Unregulated Deposit Schemes Act (BUDS) to safeguard the interests of depositors. </p>.Mangaluru Police bust biggest ever investment fraud operation run from Nepal.<p>Commissioner of Police Bhushan Borase said the police had been closely tracking the activities of Neelannavar and his firm.</p>.<p>“We had sought information from SEBI and RBI regarding the firm’s operations. SEBI had also written to the CID seeking an investigation into the matter,” he said.</p>.<p>Borase said a viral video in which the accused allegedly claimed to possess 15,000 guns had raised suspicion and prompted police to intensify the probe.</p>.<p>Police have seized documents and digital devices from the firm’s premises. According to the firm’s balance sheet, its annual turnover was reportedly between Rs 300 crore and Rs 400 crore.</p>.<p>He said that the accused was not cooperating with investigators and had claimed that the collected money was invested in FMCG businesses, fisheries and real estate ventures. “We are seeking police custody of the accused for further investigation,” <br />he said.</p>
