Crackdown launched on suspected schemes as concerns grow among Goan investors following Shivam Associates case
BELAGAVI
As the impact of the alleged multi-crore ‘Shivam Associates’ Ponzi scam spread beyond Karnataka, concerns have grown among investors in neighbouring Goa after the Belagavi district administration began examining four more suspected financial firms in the region.
District officials said investigations into the four firms were launched following complaints from citizens and information gathered from social media advertisements promoting high-return investment schemes. Digital investigations are being carried out under the supervision of the Police Commissioner.
Addressing the media at the Deputy Commissioner’s office, Deputy Commissioner Mohammed Roshan said the district administration had launched a coordinated drive against unauthorised financial institutions allegedly attracting investors with promises of unrealistic returns.
“A special monitoring cell has been set up in the district to identify and track organisations suspected of cheating investors. The administration is closely monitoring suspicious financial activities to prevent further fraud cases,” he said.
Roshan warned citizens, especially those living in border areas including Goa, against investing in companies offering unusually high returns.
He said no reputed or authorised bank offers annual returns above nine per cent and advised people to be cautious of schemes promising quick profits or monthly interest payouts of up to five per cent.
The Deputy Commissioner said strict legal action would be taken against any institution found violating financial regulations after inquiry reports are submitted.
Referring to earlier financial fraud cases reported in Belagavi district, he urged people in Karnataka and Goa to verify the registration and legitimacy of firms before investing their savings.
With several investors from Goa reportedly affected by suspicious investment schemes, Goa Police are understood to be in contact with Belagavi police as part of efforts to track financial fraud networks and gather information on cross-border investments.
