BELAGAVI: In a major development in the multi-crore Shivam Associates fraud case, Criminal Investigation Department (CID) officials on Monday night brought Shivam Associates chief Shivananad Neelannavar, who is accused of orchestrating a Rs 4,500 crore scam, from Bengaluru to Belagavi for further interrogation.
Neelannavar is currently being questioned at the Malmaruti police station. With the 10-day CID custody granted by the court set to end on May 27, the officials are likely to produce him before the court at any moment. Since the court will remain closed on Tuesday, the CID was reportedly making preparations to present him before the judge on Monday itself.
Meanwhile, the CID has also intensified its probe by issuing notices to Neelannavar’s wife, actor R Abhilash and business associate Subhash in connection with the case.
Following the summons, all three appeared before CID officers at the Malmaruti police station on Tuesday, where investigators are said to be collecting crucial information related to the alleged financial fraud. Sources said the CID has also initiated steps to seize several luxury vehicles allegedly purchased using investors’ money.
The list reportedly includes high-end vehicles such as the Land Rover Defender, Mercedes Benz and Toyota Vellfire worth crores of rupees. The CID investigation into the massive fraud case has now reached a crucial stage, with investors and the public closely watching further developments.