A team of officers raided the offices of a finance firm that was operating without due permissions and approvals from regulatory agencies in Belagavi on Thursday.Assistant Commissioner and Sub-Divisional Magistrate Shravan Nayak led the raiding party, including co-operation, revenue and police officers, on Adityaraj Capital Private Limited (ACPL) in Bhagya Nagar.This followed allegations against the agency of cheating depositors and illegally mobilising public funds.The fraud detection cell of the Deputy Commissioner’s office flagged some transactions of ACPL, following reports that the owners were promising returns of up to 60% on their investments.Some depositors complained that ACPL collected deposits from a large number of people without providing adequate security or proper documentation.Fraud detection cell officers found out that ACPL did not have approvals from regulatory agencies like RBI or SEBI. Officers also suspected that the company has not revealed to its customers all details of its investments.The cell was set up to implement provisions of the Karnataka Protection of Interest of Depositors authorities and Banning of Unregulated Deposit Schemes Act 2019.An officer who inspected the records said that preliminary investigation revealed that ACPL is operating in Maharashtra, Gujarat, Rajasthan and Karnataka and has at least 3,500 investors.It has offices in several towns in Belagavi, Uttara Kannada, Dharwad and other districts. Balaram Mane, a native of Maharashtra, is said to be the promoter of the company. It operates through a website. However, the website was found to be down on Thursday. Published - June 04, 2026 07:40 pm IST