The Bad PlaceTimes 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.
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Shivam Associates ‘Fake’, CID Probe Soon: Belagavi DC
Belagavi: Deputy Commissioner Mohammad Roshan said investigations have revealed that Shivam Associates is a fake company and warned the public against investing their hard-earned money in such bogus firms. It has also come to light that the company mobilised thousands of crores through inter-district and inter-state transactions, including in Belagavi district.