# ED raids Belagavi firm in alleged Rs 4,500-crore fraud 2026-08-07T16:58:32+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet The Enforcement Directorate on Friday searched three properties linked to Shivam Associate Company owner Shivananand Neelannavar in Belagavi, Karnataka, as part of its probe into an alleged Rs 4,500-crore investment fraud affecting over 40,000 investors. The ED teams from Mangaluru and Goa searched Neelannavar's residence, another property, and the home of his business partner, seizing financial documents and digital evidence. The scheme allegedly offered unusually high returns without RBI or SEBI approval. Sources say Neelannavar mobilised thousands of crores from investors. The case was first registered on May 15, later transferred to the CID. Neelannavar secured conditional bail on July 13 with a personal bond of Rs 3 lakh. The ED is now examining if money laundering occurred and coordinating with CID to trace assets. ## Coverage - siasat.com Tags: Belagavi, ED, investment fraud, money laundering, SEBI, Shivam Associate Canonical: https://indianopinion.org/ed-raids-belagavi-firm-in-alleged-rs-4500-crore-fraud/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/ed-raids-belagavi-firm-in-alleged-rs-4500-crore-fraud/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes.