Officials inspect records of private investment firm in Belagavi

Officials of the district administration and the Department of Cooperation inspected on Thursday the offices of a private investment firm that operated in Belagavi without due permits from government agencies.

These officers, along with some police officers, arrived at the office of Shivam Associates in the afternoon. The inspection went on till night.

Assistant Commissioner Shravan Nayak, who led the team, told reporters that they received information that over 45,000 persons have invested in this firm. Most of the investors are ex-servicemen.

There are allegations that the firm has not obtained due permissions from agencies like SEBI and RBI. The firm is accepting investments with a promise of paying nearly 36% interest per year.

Shivanand Neelannanavar, who owns the firm, also operates other business and charitable agencies. He has organised several programmes like mass lunches, cricket tournaments, folk arts and games and health camps in villages.

Some of his speeches have been controversial and shared widely on social media.

In Kadur village, he claimed that he had a collection of thousands of guns. He invited some Kannada film stars for a film music night in Belagavi recently. While introducing himself, he called himself “one of the best human beings on the planet”.

In another event, he claimed that he would win 224 seats in the 2028 Assembly polls and become the next Chief Minister of Karnataka.

Belagavi City Corporation staff removed the banners and posters put up by Shivam Associates that had planned a Swachcha Belagavi event on Sunday after the district administration rejected its request to hold the event at the Government Sardar’s High School Grounds in Belagavi.