ED search of financial firm reveals unaccounted-for transactions of over ₹1,777 crore

The ED initiated an investigation based on an FIR registered at the Malamaruthi Police Station, Belgavi city, under the Banning of Unregulated Deposit Schemes Act, 2019, and the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004. | Photo Credit: File Photo A search and seizure operation by the Directorate of Enforcement (ED) has revealed transactions of over ₹1,777 crore of unaccounted-for funds by Shivam Associates, a Belagavi-based financial firm.As per a release issued by the ED’s Mangalore branch, Shivanand Siddappa Neelannavar, the promoter, had “lured the public” by promising a return of 3% per month on the investment/deposit and had accumulated approximately ₹2,110.97 crore from the public, against which repayments amounting to approximately ₹333.89