The Bad PlaceTimes of India | Adityaraj Capital under lens after depositor fund diversion charges
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In Belagavi, authorities raided the office of Adityaraj Capital after complaints that the firm had collected large public deposits by promising unusually high returns – such as ₹3,000 monthly on a ₹1 lakh investment – and then allegedly diverted the money into unrelated businesses. Led by Assistant Commissioner Shravan Nayak, officials from multiple departments examined financial records, investment details and deposit documents, finding transactions worth hundreds of crores and noting that many investors had not received principal or interest even after maturity. A case has been filed under the Karnataka Protection of Interest of Depositors Act, 2004 and the Banning of Unregulated Deposit Schemes Act, 2019, and investigators are probing the firm’s eight‑year‑old operation, which runs seven branches across the state and is reportedly owned by Shivraj Mane of Maharashtra. The raid follows a recent crackdown on a similar scam at Shivam Associates, heightening concerns among depositors about unregulated high‑return schemes.
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Adityaraj Capital under lens after depositor fund diversion charges
Belagavi: Close on the heels of the Shivam Associates deposit scam, another financial firm in Belagavi has come under scrutiny, raising fresh concerns among depositors. Officials on Thursday raided the office of Adityaraj Capital in Bhagya Nagar following allegations that funds mobilised from the public were illegally collected and diverted into unrelated business activities.