Times of India | Shivam Associates ‘Fake’, CID Probe Soon: Belagavi DC
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Deputy Commissioner Mohammad Roshan and City Police Commissioner Bhushan Borase announced that Shivam Associates is a fraudulent firm that raised thousands of crores from more than 30,000 investors through an app called “Acumen,” violating RBI and SEBI regulations; a joint police‑cooperative raid seized hundreds of documents and revealed transactions possibly totaling around Rs 50,000 crore, prompting a recommendation to hand the case over to the CID for a detailed probe. The owner, Shivanand Neelannavar—who rose from a peon and ice‑cream vendor to launch the investment company in 2012—was arrested, and officials warned the public to verify any firm’s accreditation before investing to avoid losing life savings.
Read more: https://timesofindia.indiatimes.com/city/hubballi/shivam-associates-fake-cid-probe-soon-belagavi-dc/articleshow/131142511.cms
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