Karnataka Belagavi Shivam Associates ₹4,500cr Investor Scam
Key Questions
What is the scale of the Shivam Associates investor scam in Belagavi?
The scam allegedly duped 45,000 investors, including ex-servicemen, of around Rs4,500 crore. No regulatory approvals were obtained for the schemes.
What actions has the CID taken in the Shivam Associates probe?
CID has deepened its investigation with raids seizing documents and laptops. Luxury gifts and kickback angles are also under scrutiny.
Who recommended the CID probe into Shivam Associates?
Commissioner Borase recommended the CID investigation after initial complaints. The probe focuses on fraud without SEBI approvals.
CID deepens probe into Shivam Associates fraud duping 45k investors incl. ex-servicemen; no approvals, raids seize docs/laptops; luxury gifts/kickbacks under scrutiny.
Sources (2)
Updated May 16, 2026