BELAGAVI: The Criminal Investigation Department (CID) has intensified its investigation into the alleged multi-crore deposit fraud by Shivam Associates and is likely to issue notices to several prominent Kannada film personalities who participated in a high-profile event organised by the company last year.
According to sources, actors Dhananjaya, Vasishta N Simha, Ragini Dwivedi and Sapthami Gowda are among those expected to be served notices as part of the investigation. The actors had attended the “Kannada Utsava” organised by the company in Belagavi on December 27 last year. The event is now under scrutiny as part of the ongoing probe.
The programme was organised under the leadership of Shivam Associates owner Shivanand Neelannavar and reportedly drew thousands of attendees. Investigators believe that several crores of rupees was spent on the large-scale event, prompting questions about the source of the funds. CID sleuths suspect that money collected from investors may have been used to finance the event.
As part of the investigation, authorities are seeking information from the actors and actresses who attended the event regarding the nature of their involvement, contractual arrangements, remuneration and other related details.
Shivam Associates is accused of running fraudulent deposit schemes and allegedly cheating investors of thousands of crores of rupees by promising unusually high returns and lucrative profits. Preliminary findings indicate that the company attracted deposits from thousands of investors across multiple districts of Karnataka and neighbouring states.
The proposed questioning of well-known film personalities has added a significant new dimension to the case. Investigators believe their statements could help establish details regarding the company’s financial transactions and promotional activities.
Efforts to obtain a response from CID DIG Bheemashankar Guled were unsuccessful, as he was unavailable for comment.