Enforcement Directorate (ED) launched an investigation into allegations of large-scale financial irregularities at Belagavi-based Shivam Associates.The officials inspected the houses and offices of promoter Shivanand Neelannavar, his wife and relatives on Friday.A few months ago, the Belagavi police arrested Neelannavar on charges of running a ponzi scheme.Initial investigation by the police, revenue and cooperation department officials indicated that Neelannavar had collected over ₹3,500 crore from nearly 40,000 persons promising interest of over 35%. The case was later handed over to the Crime Investigation Department.A team of ED officials from Mangalore and Goa units were also part of the probe, the police sources said.The ED officials searched the residences of Neelannavar's close associates, they added. Published - August 08, 2026 07:20 pm IST